Mississippi Administrative Code

MDA will invite applications from Local Partners (county, municipality, and public or private nonprofit economic development entities including, but not limited to, local authorities, commissions, or other entities created by local and private legislation) for Site Development Gr…

MDA will evaluate potential applicants' available sites and will invite Select Sites applications based on the results of that evaluation and funding availability. Site evaluation criteria include, but are not limited to: A. the site's location, B. the suitability of the site for…

The number of applications invited will be based on funding availability and the identified site development needs of the evaluated sites. Notes 6 Miss. Code. R. 9-2.5 Miss. Code Ann. § 57-1-701 Adopted 12/5/2022

State statute requires that Mississippi Site Development Grant Program funds be expended on site development projects associated with property that is publicly owned. Site Development Grant funds may be used for site due diligence activities on optioned property, but not for phys…

Eligible expenditures include: A. Attorney fees B. Fees related to architectural, design, engineering, surveying, planning, mapping, and other due diligence-related professional services C. Environmental studies/assessments D. Costs associated with studies, surveys, permitting, o…

MDA will only assist with site acquisition projects if the land being acquired for industrial development purposes is under option. The purchase price for the land being acquired cannot exceed the appraised fair market value of the property. Select Sites grants cannot be used to …

MDA reserves the right to negotiate the scope of site development work and the budget for the proposed work with prospective applicants and as part of the application review process. Notes 6 Miss. Code. R. 9-2.9 Miss. Code Ann. § 57-1-701 Adopted 12/5/2022

Pursuant to Miss. Code Ann. § 57-114-1 et seq., the Mississippi Flexible Tax Incentive Program assists companies locating or expanding into Mississippi by providing a tax credit which can be taken to offset state taxes incurred during the establishment of the project. mFLEX was c…

Each applicant that is awarded a certification will be required to complete and submit an annual report by the last business day of the month following the end of the quarter during which the annual anniversary of the project certification was issued. This report, along with any …

Based on the information provided in the entity's annual report, MDA will identify any adjustment to the initial estimates provided by the applicant. Adjustments to the certification may include: * Updates to the demographic and contact information of the company * Updates to the…

All mFLEX applications and annual reports are exempt from the Freedom of Information Act. MDA is statutorily required to provide copies of each mFLEX agreement, mFLEX certification, and mFLEX certification amendment to the Governor, Lieutenant Governor, and Speaker of the House t…

If a project's scope changes at any point after certification, the mFLEX credit recipient must provide an update using the annual update form and include the project name, requested change, reasons for requesting the change, and any alterations in investment and/or job creation a…

The company 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 entity registers and participates in the status verification system for all newly hired employees. Under MEPA, the te…

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 Flexible Tax Incentive Program, a taxpayer credit is provided to a new or expanding industry based on investment, job creation and average wages of the created jobs. This credit can be used to offset income, franchise, sales, use, and payroll withholding t…

MDA will invite applications from eligible industries planning to locate or expand in the state. To qualify, the applicant must commit to creating a minimum of 10 new full-time jobs paying a minimum of seventy-five percent (75%) of the average state or county wage or investing a …

MDA will evaluate potential projects and will invite eligible project applications based on the results of that evaluation. Application evaluation will include the review of available information, including: J. Capital investment K. Job creation L. Average annual wages M. Benefit…

The mFLEX program is not limited by funding availability, so all applications that meet statutory requirements may be approved by the agency. Certified credit amounts can be taken upon certification as a credit on all tax returns filed by the applicant or its identified affiliate…

State statute provides that Mississippi Flexible Tax Incentive credits be used to offset income, franchise, sales, use, and payroll withholding taxes of the industry or specific identified affiliates. Certified credit amounts can be taken upon certification as a credit on all tax…

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…