Economic Development

Upon evaluation of the project, if all requirements are met, the applicant will be presented to the MDA board for approval. If approved, the applicant will be required to enter into an agreement that documents the following: U. The obligation of the industry to provide an annual …

MDA will calculate the initial credit amount based on the following formula: * Reported Capitalized Manufacturing Equipment Expenditures multiplied by 1.5% + * Reported Capitalized Non-Manufacturing Equipment, Furniture, and Fixtures multiplied by 7% + * Total construction contra…

Upon receipt of the certification by the applicant, certified credit amounts can be taken as a credit on all Department of Revenue tax returns filed by the applicant or its identified affiliates after the certification date. A limit of twenty percent (20%) of the total credit awa…

The American Rescue Plan Act of 2021 (ARPA) reauthorizes and amends the Small Business Jobs Act (SBJA) of 2010, which established the State Small Business Credit Initiative (SSBCI) Program. Through the SSBCI, the State of Mississippi was allocated funds for the Small Business Loa…

A borrower must first identify a partnering financial institution that is willing to participate in the SBLGP and its parameters. The MDA staff may provide a list of participating lenders should the borrower need it. The financial institution will originate the guarantee applicat…

Loan Closing. All closing documents must be properly executed, and a copy must be provided to the MDA upon the loan closing. The Financial Institution may be asked to provide, in writing, all required information for the preparation of any SBLGP loan closing documents. All exhibi…

These rules and regulations may be amended by MDA at any time. MDA, in its discretion, may temporarily waive any requirement of the rules and regulations to the extent that the result of such waiver is to promote the public purpose of the statute and is not prohibited by State la…

To protect the public trust and interest imposed upon the MDA, if it appears that the Company and/or its agent's conduct, as determined by MDA, creates a reasonable belief that a particular act or omission that is covered by this policy has occurred, the MDA shall implement such …

Eligible borrowers may include businesses that are new or existing small businesses in Mississippi with up to 500 employees and less than $10,000,000 in gross revenues or $2,500,000 in profit after taxes, or is a Mississippi nonprofit organization when the financing is used for a…

To be considered for enrollment in the program, an eligible financial institution must be approved for participation by the MDA. The financial institution must submit an application for participation. The application document and list of required attachments will be reviewed by M…

The MDA-approved financial institution will be required to enter into the Small Business Loan Guarantee Program Agreement. This agreement establishes the terms and conditions of the program and obligates the lender to meet the program's requirements. Notes 6 Miss. Code. R. 9-4.4 …

An eligible borrower must be either a new or existing Mississippi small business, a business locating in Mississippi, a Mississippi nonprofit entity (but only if the loan is for an eligible business purpose). Additionally, the borrower must have less than 500 employees. If the bo…

SBLGP transactions may not have certain features, including any of the following: confessions of judgment, prepayment or "double-dipping" fees, or up front fees or charges paid by the small business, excluding fees to the program, that exceed two percent for loans greater than $2…

The percentage of the loan guarantee will be determined by the type of loan, and the risk profile of the loan. To determine the percentage of guarantee approved for each loan, the guarantee application will be reviewed by the MDA's Small Business Loan Guarantee Review Committee. …

The amount of the loan guarantee will not exceed eighty percent (80%) of the loan amount or $750,000, whichever is less. Only with the express written consent of the MDA, may a lender be allowed to request a guarantee on the principal loan amount of up to $5,000,000. The minimum …

Per U.S. Treasury guidelines, the interest rate may not exceed the National Credit Union Administration's interest rate ceiling. Interest shall be charged on the SBLGP guaranteed loan and payment terms are negotiated between the lender and the borrower. Notes 6 Miss. Code. R. 9-4…

The Mississippi CDFI Small Business Loan Fund Program (SBLF) is designed to facilitate capital accessibility for small businesses unable to access traditional bank debt by providing matching funds for CDFI loan funds. The program's purpose is to enable participating CDFI loan fun…

The MDA will approve all SBLF transactions issued by Participants. The Participant must submit a "Request for Determination of a Qualified SBLF Loan" form to the MDA. If the request form meets the basic qualifications, the MDA will approve within five business days. The MDA may c…

All Participants must submit a monthly transaction level report for all current and historic activities using SBLF funds. This transaction level report must include: * SBLF-enabled loan size and current balance; * Total transaction size excluding non-eligible capital (ex. SBA loa…

These rules and regulations may be amended by MDA at any time. MDA, in its discretion, may temporarily waive any requirement of the rules and regulations to the extent that the result of such waiver is to promote the public purpose of the statute and is not prohibited by State la…

To protect the public trust and interest imposed upon the MDA, if it appears that the Company and/or its agent's conduct, as determined by MDA, creates a reasonable belief that a particular act or omission that is covered by this policy has occurred, the MDA shall implement such …

* "Community Development Financial Institutions (CDFI)" has the meaning given that term as under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994, 12 U.S.C. § 4702. * "Community Development Financial Institutions (CDFI) Loan Fund (Participant…

For an entity to be eligible to participate in the SBLF as a loan fund, they must meet the following criteria: * The loan fund must be a non-depository CDFI-certified loan fund headquartered in Mississippi; * The loan fund must demonstrate a strong pipeline of prospective deals w…

All selected Participants are required to enter into a SBLF Agreement. This agreement establishes the terms and conditions of the program and obligates the Participant to meet the program requirements. The MDA will review applications for participation in the SBLF from CDFI Funds…

Participants must use SBLF funding in accordance with Treasury regulations promulgated for the SSBCI program, including 31 C.F.R. Subtitle A, Part 35, Subpart C. Participants must use SBLF funds for the provision of capital to eligible borrowers. Requirements for eligible SBLF tr…

SBLF supported transactions with the participant must include a disclosure form of all key terms in an easy-to-understand manner. Such disclosures should include, for example, the loan or investment amount; payment obligation and schedule; any terms giving the participant control…

Under the program, loans used for these purposes are not eligible for SSBCI funds: * Improve or renovate any portion of rentable property that the small business borrower leases to a third party; * Acquiring or holding passive investments in real estate; Passive real estate inves…

Participants may apply to the MDA to have the SBLF loan forgiven. The MDA will consider such applications for forgiveness if at a minimum, the following conditions are met: * The participant has achieved at least two to one overall leverage within the 9-year term as calculated th…

The MDA will conduct a fair and open application process for selecting CDFI Funds to participate in the SBLF. This application process is described below. Each application must include all of the following information and documents: * Documentation of certification as a CDFI-cert…

Pursuant to Senate Bill 2525 of the 2023 Regular Session of the Mississippi Legislature, the Forestry Facility Grant Program will authorize MDA, through appropriations by the Legislature, to make grants available to designated forestry facility projects that lead to the expansion…

All grant awards will require matching funds. The required amount must be at least twenty-five percent (25%) of the total land or infrastructure cost. The eligible applicant must use funds other than funds acquired from MDA as the match requirement. Notes 6 Miss. Code. R. 9-6.10 …

Applications must be submitted on a form prescribed by MDA. Applications must be submitted with any accompanying documentation deemed necessary by MDA. Each application will be reviewed objectively on the merits of the proposed forestry facility project. Grant recipients will be …

After an application is formally approved, a grant agreement outlining the project scope and allowable activities will be executed by the eligible applicant and MDA. Applicants will be accountable for all monies awarded and responsible for the submission and tracking of all expen…

Grant funds will only be disbursed on a reimbursement basis upon completion of the project. Applicants must submit a final report to MDA within 90 days of the project's completion date. Projects not completed within twenty-four (24) months of the execution of a grant agreement mu…

All projects receiving a grant must adhere to the following rules before requests for payment can be processed and payment can be made: A. The applicant must have a current W-9 form with a Federal Tax ID Number on file at MDA and must be registered as a vendor in the State of Mis…

If a project's scope changes at any point after an application has been invited, the grant recipient must write to MDA's Business Incentives Division for approval of the change of scope. The letter must state the project name, grant fund number (as noted in the grant agreement), …

Recipient is required to ensure compliance with the Mississippi Employment Protection Act ("MEPA"), Miss. Code. Ann. § 71-11-3 et seq., and must ensure that the recipient registers and participates in the status verification system for all newly hired employees. Under MEPA, the t…

The sale, merger, acquisition, reorganization, bankruptcy or relocation from one (1) county to another county within the State of any business enterprise may not create new eligibility in any succeeding business entity. Notes 6 Miss. Code. R. 9-6.17 Senate Bill 2525, 2023 Regular…

In applying to MDA, the applicant certifies that all documents, instruments and information delivered to MDA by the applicant does not contain any untrue statements of a material fact or omit to state a material fact in light of the circumstances under which they were made not mi…

These Rules and Regulations may be amended by MDA at any time. MDA, in its discretion, may temporarily waive any requirement of the Rules and Regulations to the extent that the result of such waiver is to promote the public purpose of the statute and is not prohibited by State la…

Through the Mississippi Forest Facility Grant Program, MDA shall accept applications from eligible applicants, prioritize these applications and submit suggested recipients to the Forest Facility Grant Committee no later than December 1 of each year. Beginning July 1, 2024, and e…

Loans and grants made under the Industry Incentive Program are subject to audit by MDA or the Office of the State Auditor. MDA and/or the Office of the State Auditor shall have the right to inspect books, records, plans and other data related to the Project. Contact Information: …

MDA will invite applications from eligible applicants. The eligible applicants are as follows: A. Municipalities, B. Counties, C. Existing Forestry Product Facilities (that have been in operation for at least 12 months), D. Regional Economic Development Entities. Eligible applica…

The minimum criteria to qualify for a grant is as follows: A. the project has a minimum investment of ten million dollars ($10,000,000); B. the project site utilizes at least fifty (50) acres of land under public control (meaning the land is held or controlled by a public entity,…

The number of applications approved will be based on funding availability. Notes 6 Miss. Code. R. 9-6.5 Senate Bill 2525, 2023 Regular Session; Miss. Code Ann. § 57-1-55 Adopted 9/30/2024

State statute allows Mississippi Forestry Facility Grant Program funds to be expended on forestry facility projects associated with publicly owned land (including public options) and infrastructure. For publicly owned land or infrastructure, all contracts and purchases must be ma…

MDA will only assist with approved public land acquisition, including public options that are fair market value of the property. Forestry Facility grant funds cannot be used to assist with legal expenses or other expenses related to eminent domain proceedings, and eminent domain-…