Mississippi Administrative Code

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…

A. Small Business A minimum of 1.5% of the loan amount; A maximum of 3.5% B. Financial Institutions Will match the amount deposited by the Small Business (The Financial Institution may recover all or part of its contribution from the Small Business in the form of loan proceeds or…

The interest rate on this loan program shall be 0%. The length of the secured contract shall dictate the length of the loan. Notes 6 Miss. Code. R. 2-4.13 Miss. Code Ann. § 57-69-5 (Rev. 2008)

Interested borrowers should contact a participating financial institution and for any additional information pertaining to the Mississippi Capital Access Program, please contact: MISSISSIPPI DEVELOPMENT AUTHORITY Financial Resources Division Post Office Box 849 Jackson, MS 39205 …

For the purpose of this program, the "socially and economically disadvantaged" shall have the meaning ascribed to such term under the Small Business Act ( 15 U.S.C., Section 637 [a] and shall include woman. Businesses qualifying as minority or women owned must sign a notarized af…

Contract loans may be used for cost associated with a construction project or construction related contract being used as collateral for each loan. A properly notarized "letter to redirect funds" may be substituted in lieu of a contract with certain governmental agencies. Such le…

Capital Access Contract Loans are not available under the following circumstances: A. To pay off existing debt 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 s…

An eligible Financial Institution is any commercial bank, savings bank, or association domiciled or qualified to do business in the State and other types of financial institutions, including but not limited to Small Business Investment Corporations, (Hereafter referred to as "Fin…

Businesses, which are eligible to participate in the Capital Access Program, must fall into one of the following categories: A. A Small Business, which is defined as any independently owned and operated for-profit, commercial enterprise domiciled in the State with less than 50 fu…

If the Small Business is a sole proprietorship, the owner must be a resident citizen of the State of Mississippi and if the business is a corporation or partnership, at least 51 % of the owners must be resident citizens of Mississippi. Notes 6 Miss. Code. R. 2-4.7 Miss. Code Ann.…

The small business must be credit-worthy and demonstrate the ability to repay the loan, the ability to successfully fulfill the contract being used as collateral, must be in compliance with all state and federal regulatory agencies, and must not be in default on any previous debt…

Small Businesses that are not eligible for assistance under this program are: A. Charitable institution or nonprofit enterprise; or B. Newspaper, magazine, radio, television broadcasting company, or similar enterprise through which editorial opinions are expressed; or C. Business…

The Mississippi Energy Investment Program ("Energy Investment Program"), administered by the Mississippi Development Authority ("MDA") is designed for making loans to qualified borrowers (the "Borrower") to promote development and demonstration of efficient, environmentally accep…

These guidelines may be amended by MDA at anytime. 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. Notes 6 Miss. Code. R. 3…

Program inquiries and applications should be directed to the following mailing address: A. Mississippi Development Authority Mississippi Energy Investment Program Energy and Natural Resources Division Post Office Box 849 Jackson, Mississippi 39205-0849 Telephone: (601) 359-6000 F…

In order to obtain assistance under the Energy Investment Program, the applicant must be declared financially sound and capable of repaying the loan and must meet one of the following criteria: A. Corporation; B. Partnership; C. Hospital (Public and private "non-profit"); D. Inst…

Eligible projects include retrofits and energy design process developments. The improvement must promote the development and demonstration of efficient, environmentally acceptable and commercially feasible technology and processes, and must also utilize Mississippi's existing ene…

The maximum amount, which may be loaned from the Energy Investment Program to finance any one (1) project, Five Hundred Thousand Dollars ($500,000). The fixed rate of interest which shall be set at the time the application is approved, will be two percent (2.0%) below the New Yor…

Eachloan will be secured by a lien of such type that provides adequate security for MDA to recover its investment in case of default on the loan. Liens may be in the form of personal guarantees, liens on the equipment, measures installed or security interest in other assets or a …

The application to be submitted by a Borrower must include: A. The purpose of the proposed loan including a list of eligible items and the cost of each; B. The estimated cost of the total project with a detailed breakdown of all public and private sources of funding; C. The time …

Based upon the terms and conditions established by MDA, MDA will prepare all security and loan documents, including but not limited to, the Loan Agreement and Promissory Note, (collectively "Loan Documents"). Prior to disbursement of any funds, all Loan Documents must be fully ex…

The 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 releas…

Loans made under the Energy Investment Program are subject to audit by the State Department of Audit. Notes 6 Miss. Code. R. 3-1.9 Miss. Code Ann. § 57-39-43 (Rev. 2008)

Mississippi Development Authority (MDA) promulgates the following policy and procedures in accordance with Section 31-7-14 of the Mississippi Code of 1972, as amended, to provide for the approval of "energy saving performance contracts" (ESPC) and "shared savings contracts" betwe…

A "shared savings contract" differs from an "energy saving performance contract" in that the ESCO and the entity each receive a pre-agreed percentage or dollar value of the energy cost savings over the life of the contract, rather than the contractor receiving a fee. Notes 6 Miss…

(A) The terms of any performance contract or shared savings contract for efficiency services and equipment entered into under this section shall not exceed 20 years. (B) All contracts must contain the following annual allocation dependency clause: The continuation of this contrac…

(A) "Eligible Energy Conservation Measures (ECMs)" are energy systems or equipment listed below: (i) heating, ventilation, and air conditioning systems; (ii) lighting; (iii)windows; (iv) insulation; (v) energy management controls; (vi) life safety measures that provide long-term …

(A) Any entity desiring to enter into a contract for energy efficiency equipment, services relating to the installation, operation or maintenance of equipment, or improvements reasonably required to existing or new equipment and existing or new improvements and facilities on a sh…

MDA-Energy and Natural Resources Division (MDA-ENRD)'s role in evaluating "energy saving performance contracts" and "shared savings contracts" under Section 31-7-14(4) (b) is to ensure that entities can rely upon projected and guaranteed energy savings and related cost savings. C…

Contracts authorized in Section 31-7-14(4) (b) differ from "energy services contracts" authorized in Section 31-7-14(1) (b) that do not require MDA-ENRD involvement and do not require energy or cost savings to be guaranteed. Projects where there are minimal scientifically quantif…

MDA-ENRD will construe proposed contracts submitted pursuant to 31-7-14(6) so that economic benefits to the entity may be maximized. Notes 6 Miss. Code. R. 3-4.4 Miss. Code Ann. § 31-7-14 (Supp. 2015). Adopted 6/5/2016

Any state agency or local governing authority (entity), as defined in Section 31-7-1 subparagraphs (a) and (b) respectively of the Mississippi Code of 1972, as amended, may contract on a shared savings or energy saving performance contract basis for: (i) energy efficiency equipme…