Economic Development

The Community Foundations and the Consortium will be required to execute a Grant Agreement to participate in the Program, which will contractually bind those entities to the legal requirements and terms of the Program. A. The Grant Agreement will contain the following information…

The Community Foundations and the Consortium shall establish Program rules, policies, procedures, and forms for implementing Grants to Eligible Grantees. To the extent feasible, these should be uniform requirements and forms to ensure a fair and equitable process for making Grant…

In keeping with the requirements of the CARES Act and the Community Foundations Act, Program funds may only be used to reimburse Eligible Grantees for their actual Eligible Expenditures. For this reason, an Eligible Grantee cannot receive funds in a lump sum distribution but can …

A. Pursuant to the Community Foundations Act, Eligible Expenditures can continue to be reimbursed to Eligible Grantees until the Program expires on December 31, 2021 or until the Program funds are exhausted per the following appropriation limitations set for each category of Elig…

All CARES Act grant programs, including those established under the Community Foundations Act, are subject to the federal financial standards of the "Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards" (2 C.F.R. Part 200). For this rea…

The Community Foundations and the North Mississippi Education Consortium will prepare monthly reports, due on the first day of the month, to MDA, providing information and data on the number of Grants awarded, the names of those Eligible Grantees, the amounts of Eligible Expendit…

In the event that an interested applicant does not meet the definition of "Eligible Grantee" contained in Rule 1.2 H., that status may be reviewed by MDA upon written request from the Community Foundation or the Consortium. If MDA determines that it cannot resolve the issue, it w…

This procedure is the exclusive method for seeking administrative review of adverse action taken by Minority Business Enterprise Division, a division of the Mississippi Development Authority. Notes 6 Miss. Code. R. 2-2.1 Miss. Code Ann. § 69-2-13(5)(Rev. 2005)

A. After review solely on the record, the Executive Director may adopt the recommendation of the review officer or may issue a differing decision. The Executive Director will issue his decision within fifteen (15) calendar days of receipt of the recommendation of the review offic…

In the event an appealable adverse action is overturned as a result of an appeal the Executive Director of MDA may direct, the disposition to be made by MBED of the application, renewal or termination; or the application may be remanded to MBED for further action consistent with …

Nothing in the appeal procedure shall be construed as a waiver of the immunities from suit conferred upon the State of Mississippi, MDA, or any of its employees, officers, agents or designees, under the Eleventh Amendment of the United States Constitution and the Constitution and…

An applicant/participant may appeal the following adverse actions taken by MBED - a denial of program admission and/or a denial of renewal of program admission. However, an adverse action is only appealable if MBED's decision is based solely on a negative finding of social disadv…

The applicant/participant shall be advised in writing of the grounds on which MBED based its action. The notice will be sent by certified mail return receipt requested. The notice of action shall also include a statement indicating that the applicant/participant has the right to …

An applicant/participant may request reconsideration by MBED of any adverse action regardless of whether the adverse action is appealable under Section 2 above. Such request must be in writing to the Director of Minority Business Enterprise Division, Mississippi Development Autho…

Upon receipt of a request for reconsideration, MBED will review the request and any information provided, conduct further inquiry if necessary, including but not limited to an in-person discussion with the applicant/participant, and submit its decision in writing, certified mail …

A. The applicant/participant petitioning for appeal, must file its petition in writing with the Director of Minority Business Enterprise Division, Mississippi Development Authority, P. O. Box 849, Jackson, Mississippi 39205-0849 not later than twenty (20) calendar days from the d…

The review officer shall be an independent and impartial officer other than, and not accountable to, any person authorized to make decisions that are subject to appeal under the provisions of this section. The review officer may, however, be an employee of the MDA. Notes 6 Miss. …

A. The petitioner may refute the grounds on which MBED based its action in person and/or by written documentation submitted to the review officer. In order to be considered, all written documentation of the petitioner and MBED must be filed with the review officer with a copy to …

After conducting de novo review of the materials submitted by the parties and of the evidence taken at the hearing, if any, the review officer shall make a written recommendation to the Executive Director of the Mississippi Development Authority (MDA). The written recommendation …

The Mississippi Business Enterprise Loan Program, administered by the Mississippi Development Authority, combines state and private lending sources to assist new and existing minority business in gaining access to needed capital in the form of direct low-interest rate loans. The …

MBE loan funds may be used to fund fifty percent (50%) of total project that consist of borrowed costs or $250,000, whichever is less. The minimum total project eligible for consideration is $15,001. Any project requests of $35,000 or less may be eligible for funding under the Mi…

The minimum interest rate, which may be charged to the minority business on MDA's portion of the MBE loan, is two percent (2%) below the Federal Reserve Discount Rate, and the maximum is two percent (2%) above the discount rate. Should the interest rate change from the date of co…

Collateral on MBE loans made by the qualified entity should normally be subordinated to the senior lender. Notes 6 Miss. Code. R. 2-3.12 Miss. Code Ann. § 57-69-5 (Rev. 2008)

The qualified entity may charge an origination fee of up to 1% on the first $250,000 loaned. Additional fees paid by the borrower in connection with the closing of the MBE loan are limited to attorney fees and other associated closing costs that may not exceed $750. These fees ma…

The Mississippi Business Enterprise Micro-Loan Program provides a funding source for businesses needing financing for small projects. Loan amounts for projects range from $2,000 to $35,000 with an owner's equity injection (i.e. cash, tangible equity such as land, building(s) or e…

The terms allowed are determined by the loan amount and should relate to the type of collateral offered. Terms should not exceed three (3) years for loans of $2,000 to $5,000, four (4) years for loans of $5,001 to $10,000, five (5) years for loans of $10,001 to $15,000, and seven…

MBE Micro-Loan funds may be used to finance up to 100% of total projects of $2,000 to $35,000. All borrowers must have at least 5% equity in the project. These funds are not intended to be used as gap financing and proceeds shall not be utilized with any other financing. Notes 6 …

The interest rate to be charged is four percent (4%) over the Federal Reserve Discount Rate, fixed for the term of the loan. Should the interest rate change from the date of commitment to the date of closing, the interest rate quoted in the commitment will prevail. Notes 6 Miss. …

Collateral shall include a first lien on all assets acquired with loan proceeds. Collateral may also include liens on other business and/or personal assets as deemed necessary to adequately secure the loan. Notes 6 Miss. Code. R. 2-3.18 Miss. Code Ann. § 57-69-5 (Rev. 2008)

The qualified entity's Board of Directors may choose to appoint an in-house loan committee comprised of staff members of the Qualified Entity to approve micro-loan applications. MDA will require a copy of the board minutes authorizing the in-house committee prior to the submissio…

To be eligible for funding under the program, the Minority Business Enterprise must be a socially and economically disadvantaged small business concern. The business must be organized for profit, perform a commercially useful function and be owned or controlled by one or more min…

The qualified entity may charge an origination fee of up to 1% of the loan amount. At the option of the qualified entity, a minimum fee of $100 may be established. Additional fees paid by the borrower in connection with the closing of the MBE Micro-Loan are limited to attorney fe…

Applications may be submitted by mail or facsimile to MDA. A credit report and a personal financial statement of each owner of the minority business must accompany the application. All other documentation as indicated on the application form shall be retained on file with the qua…

All qualified entities will provide applicants under this program an application packet that includes the MBE loan application, a summary of the loan program criteria, eligibility requirements, a summary of the application process, loan closing procedures, and applicable fees. Al…

When an application has been approved, MDA will notify the Qualified Entity in writing. Upon receiving MDAS approval, the qualified entity may submit a request for payment form. MBE loan proceeds not disbursed by the Qualified Entity within sixty (60) days of receipt must be retu…

Each qualified entity will be required to file status reports with MDA as of December 31 and June 30 of each year summarizing project information and fund uses. These reports are due on January 31 and July 30. Notes 6 Miss. Code. R. 2-3.24 Miss. Code Ann. § 57-69-5 (Rev. 2008)…

An independent audit of grant funds received in connection with this program shall be submitted to MDA annually. This audit shall include a reconciliation of all bank accounts where MBE funds are being held on deposit. Notes 6 Miss. Code. R. 2-3.25 Miss. Code Ann. § 57-69-5 (Rev.…

For purposes of this program, the term "socially and economically disadvantaged small business concern" shall have the meaning ascribed to such term under the Small Business Act (15 U.S.C.S., Section 637 (A)) and shall include all women. MBE Loan applicants, regardless of race or…

All applicants must be credit worthy and demonstrate the ability to repay the loan, must be in compliance with all state and federal regulatory agencies, and must not be in default on any previous loans from the state or federal government. No minority business will be eligible i…

MBE loan proceeds may be used to finance costs associated with the creation or expansion of a minority business, including fixed assets, working capital, start-up costs, rental payments, interest expense during construction and professional fees related to the project. Notes 6 Mi…

When loan proceeds are used to start a new business or to purchase an existing business, the total project cost is the amount required to establish or acquire that business. The borrower must inject a minimum of five percent (5%) equity into the project in the form, of cash of ta…

When loan proceeds are used to expand an existing business, the total project cost will be the total funds required to complete the proposed expansion. Assets owned by the business prior the expansion are not to be included in the project cost, unless it can be clearly documented…

MBE loans are not available under the following circumstances: A. To pay off existing debts for consolidation purposes; B. If the direct or indirect purpose or result would be to pay off creditors of applicants who are inadequately secured or in a position to sustain a loss; C. I…

The maximum term of the MBE loan shall be seven (7) years for working capital, ten (10) years for machinery and equipment, and fifteen (15) years for land and building. If loan proceeds are to be used for a combination of working capital, machinery and equipment, or land and buil…

The Mississippi Capital Access Program, administered by the Mississippi Development Authority (MDA), is designed to increase the availability of financing for borrowers who for various reasons might have difficulty in obtaining conventional loans. The essential element of the pro…

MS CAP may be used to finance costs associated with the creation or expansion of a Small Business, including fixed assets, working capital, start-up costs, rental payments, interest expense during construction, and professional fees related to the project. The maximum amount that…

The Financial Institution sets the terms and conditions of the MS CAP loan. However, the funds cannot be used to pay off: A. Existing debt and/or creditors; or B. Consolidation purposes; C. Construction or purchase of residential housing; or real property that is held primarily f…