Mississippi Administrative Code

MDA reserves the right to recover from applicants and recipients of GCRF funds a portion of the costs associated with administering assistance provided under the Act. Notes 6 Miss. Code. R. 11-3.19 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

The intent of the Act is to stimulate growth and economic development in Pearl River, Stone, George, Jackson, Harrison, and Hancock counties. The projects must have the potential to generate increased economic activity in the Gulf Coast region, and MDA will give priority to proje…

MDA will release loan funds on a reimbursement or services rendered basis for approved eligible costs of the project as incurred. The borrower shall certify to MDA that the expenses were incurred and were in accordance with the project as approved by MDA. Funds will be released p…

To comply with the Act's reporting requirements, borrowers must submit a Quarterly Report to MDA no later than January 15th, April 15th, July 15th and October 15th of every year. MDA will provide the Quarterly Report form. The failure to submit the Quarterly Report will result in…

Funds provided under the GCRF Loan program are subject to audit by the Mississippi State Auditor's office. Additionally, MDA will also monitor all projects to ensure compliance with the original application submitted. All borrowers must comply with requests from MDA regarding inf…

These guidelines may be amended by MDA at any time. MDA, in its discretion, may temporarily waive any requirement of the guidelines to the extent that the result of such waiver is to promote the public purpose of the Act and is not prohibited by State Law. Contact Information. Pr…

Under the program, loans made for the following uses or purposes are not eligible to apply: A. Refinancing existing debt B. Financing the acquisition, construction, improvement, or operation of real property, which is to be held primarily for sale or investment, such as commercia…

A. Mississippi new or existing small businesses with up to 250 employees and less than $7,000,000 in gross revenues or $1,000,000 in profit after taxes -The company must be financially sound, present evidence that it can repay the debt, and must not have defaulted on any previous…

All financial institutions must be preapproved by MDA before participating in the program. Eligible participating Financial Institutions must have operations in Mississippi and may include: A. Commercial banks B. Savings banks C. Federal land banks D. Farm credit banks, agricultu…

A. An eligible financial institution must be approved for participation in the GCRF Loan Guaranty Program by MDA. To be approved for participation in the program, an eligible financial institution must submit an Application for Participation to MDA. The application document and l…

A. The borrower may not be an executive officer, director, or principal shareholder of the partnering Financial Institution or a member of the immediate family of an executive officer, director, or principal shareholder of the partnering Financial Institution. Immediate family is…

A $5,000 application fee is due when an application is filed with MDA. Notes 6 Miss. Code. R. 11-3.8 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

A. Applications for funding will be accepted on a rolling basis; there is no application deadline. All applicants requesting GCRF loan funding must submit a completed application form and all necessary supporting documentation. The application must include the following: (i.) A d…

The Program is designed to provide CARES Act funds to designated Mississippi Community Foundations and to the North Mississippi Education Consortium to award grants to Eligible Grantees as outlined in the Community Foundations Act to reimburse those entities for Eligible Expendit…

Should a Community Foundation or the Consortium desire to appeal any decision made by MDA concerning this Program, including any award of Program funds, it may do so by giving written notice within twenty (20) calendar days of the date of the MDA notice of decision. Appeals must …

In cases in which fraud is suspected or where false or materially misleading information or documentation has been provided by an entity, a written referral will be made to the Office of the Mississippi State Auditor, the Office of the United States Attorney, or other appropriate…

The Rules may be amended by MDA at any time and are further subject to amendment pursuant to any change in the federal law providing for the grant funds and the regulations and guidance implemented related thereto. MDA, in its sole discretion, may temporarily waive any requiremen…

This program is contingent upon the availability of funds as appropriated by the Legislature and provided by the Federal government. Notes 6 Miss. Code. R. 2-1.13 Senate Bill 2221, 2021 Regular Legislative Session; Senate Bill 3063, 2020 Regular Legislative Session; House Bill 17…

A. "Community Foundations Act" means Sections 2(j)-(l) of House Bill 1782, 2020 Reg. Session, as amended by Senate Bill 3063, 2020 Reg. Session and Senate Bill 2221, 2021 Reg. Session. B. "Program" means the "Community Foundations COVID-19 Grant Program" which was established by …

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. …