Title 57, Planning, Research and Development

Any small business investment company or minority enterprise small business investment company wishing to participate under this article shall pay a five hundred dollar ($500.00) fee annually on July 1 to the corporation which shall be deposited in a qualified state depository, t…

It is the further intention of this article that the initial capital base of the corporation be raised from a combination of private foundation grants, any funds available from various federal programs, and such funds as may be appropriated by the state. Additional funding of the…

All funds received by the corporation from any source whatsoever shall be deposited in a qualified state depository to the credit of the “Mississippi Economic Development Corporation,” said funds to be disbursed therefrom upon checks drawn upon said account after approval of said…

The Certified Development Company of Mississippi, Inc., created pursuant to Section 57-10-167, hereinafter referred to as the “corporation,” shall exercise the powers and duties and discharge the responsibilities as provided herein.

No officer or director of this corporation shall ever be held personally liable for contracts, debts or defaults of this corporation nor shall any mere informality in organization have the effect of rendering these null or of exposing the officers or directors to any such liabili…

All state agencies shall cooperate with the corporation, and all public institutions of higher education shall work with the corporation to facilitate the utilization of technological information by small businesses in this state.

An annual report concerning the operation of this article shall be submitted by the corporation to the Legislature.

In the event of dissolution and liquidation of the corporation, whether voluntary or involuntary or by reason of the repeal of this article and thereby terminating its corporate existence, any surplus assets of the corporation in excess of the corporation’s outstanding liabilitie…

This corporation is organized, and it shall be operated primarily for the purpose of providing financial resources necessary to implement the economic development of the state by creating a pool of capital assets to expand the agricultural, industrial and commercial enterprises o…

This article shall be called the “Small Businessman’s Loan Assistance Law of 1972.”

The increasing need for commercial financing at reasonable rates for the small businessman necessitates a new loan guaranty program in order that the economy of the state may continue to grow and prosper. It is the intent of this article to encourage small business loans by furni…

(a) Whenever the following terms or similar terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:(a) “Borrower” means any individual, firm, partnership or corporation approved by the committee, residing in Mississippi who ap…

The manager shall be required to have a surety bond in an amount to be fixed by the committee. The manager, subject to the approval of the committee, is authorized to employ such additional technical, clerical and stenographic assistance as may be necessary to carry out the provi…

The committee is authorized and empowered to prepare and promulgate reasonable rules, regulations and policies for applications for loans, credit instruments, and any and all other forms, rules, policies, regulations or procedures desirable in order to carry out the provisions of…

A borrower may apply to the committee for a loan guaranty necessary to meet the lender’s approval of the loan. The borrower must demonstrate his inability to obtain conventional financing, and thus the need for the state loan guaranty.

(1) On every loan, the borrower shall pay a nonrefundable guaranty fee of two percent (2%) of the guaranteed portion, to be paid at the time of disbursement of loan proceeds. Upon collection, the committee shall remit all such guaranty fees to a special fund for such fees created…

If there is a corporate borrower, the committee shall require the personal guarantee or endorsement of any principal or entity owning at least twenty percent (20%) of the corporation that is borrowing money from any lender under the provisions of this article, and the committee m…

If the loan is approved and the lender so desires, the loan, where feasible, may be advanced in installments under such rules and regulations as the committee may establish.

If the borrower defaults in the payment of any loan or any installments thereof, fails to follow his plan and applies any installment or installments of his loan to purposes other than those in his plan as certified by the committee, violates any of the covenants and conditions c…

If the requirements appearing heretofore in Section 57-10-121 have been met by the lender and any sum of money remains due on the principal of the loan, the lender must file with the manager, on the form prescribed by the committee, the lender’s claim for the amount of principal …

(1) If either the guaranty fee fund or the small businessman’s loan fund becomes liable for any principal due under any loan and any payment is made from either fund to the lender in payment of the balance of the principal remaining due under such loan, the amount thus paid shall…

Methods of distribution of all of the collections made by the district attorney or county attorney, where either or both of the funds in the state treasury have become liable for the principal due under any such loan and payment of the remaining balance due on the principal of th…

The extent of the liability of either the guaranty fee fund or the small businessman’s loan fund to the lender shall be seventy-five percent (75%) of the principal remaining due and unpaid after the lender has fully exhausted all remedies for recovery as provided herein, and neit…

The small businessman’s loan fund and at least three-fourths (¾) of the guaranty fee fund shall be invested in interest-bearing notes or savings accounts for the highest possible yield as determined by the committee. However, not more than ten percent (10%) of the combined total …

The committee is hereby authorized and empowered to accept federal and private grant funds and to use same for all purposes. The committee may use any such federal or private grant funds to establish a supplemental loan guaranty fund with the state treasury and may make additiona…

Obligations and guarantees assumed by the small businessman’s loan fund and the guaranty fee fund under the provisions of the guaranty program shall not be in any way an obligation, loan, debt or liability of the State of Mississippi or of any political subdivision thereof other …

If the program provided by this article is terminated or discontinued for any reason in the future, all monies in the guaranty fee fund and small businessman’s loan fund in the state treasury shall, after payment of all outstanding indebtedness, be transferred to the general fund…

This article shall be known and may be cited as “The Comprehensive Small Business Act of 1983.”

In order to stimulate the expansion of existing small businesses and to encourage the formation of new economically sound small business enterprises in this state, it is the intent of the legislature to create a consortium of state agencies and educational institutions which prov…

(a) Whenever the following terms are used herein they shall have the following meanings, unless the context clearly indicates otherwise:(a) “Small business” means a non-agricultural business as defined by the small business administration’s most current declaration of small busin…

(a) Member agencies and institutions which are included in the Small Business Consortium are as follows:(a) Department of Economic Development;(b) Governor’s Office of Federal-State Programs;(c) All state-supported universities; and(d) All public junior colleges. (a) Department o…

There is hereby created the Small Business Consortium Board which shall be the policymaking body for the state’s program of services to nonagricultural small businesses. The consortium board will be composed of the following seven (7) members: The Executive Director of the Depart…

The duties and responsibilities of the consortium board shall be to set policy regarding delivery, and to implement delivery, of services to the state’s non-agricultural small businesses, which services are provided by the consortium members or other state-supported agencies or i…

(1) It shall be the responsibility of the coordinator of the small business consortium to preside at meetings of the consortium board and to bring to the attention of the board the changing and evolving problems and needs of Mississippi small businesses; the need for addition, mo…

There is hereby created a unit within the consortium to be known as the Small Business Clearinghouse which shall provide a single contact point for the state’s small businesses seeking assistance, make them aware of programs available to them, and direct them to the appropriate d…

There is hereby established the Certified Development Company of Mississippi, a public corporation, which shall be an incorporated certified development company pursuant to Section 503 of the Small Business Investment Act of 1958, as amended. (a) The Certified Development Company…

From and after July 1, 1983, the Mississippi Economic Development Corporation and the small businessman’s loan committee shall be abolished and the powers, duties and authority granted the Mississippi Economic Development Corporation and the small businessman’s loan committee pur…

This article shall be known and may be cited as the “Mississippi Business Financing Act.”

The Legislature finds and determines that there exists in the state a need to assist business in the state in obtaining financing for new business or in the expansion of existing business in order to promote and develop industrial development and to further the long-term economic…

As used in this article, unless the context otherwise requires: “Bonds” shall mean any bonds, refunding bonds, notes, debentures, interim certificates or any bond, grant, revenue anticipation notes or any other evidences of indebtedness of the company, whether in temporary or def…

(a) In addition to those powers granted elsewhere by law, the board of directors of the company is hereby granted all powers necessary or appropriate to carry out and effectuate the purposes of this article, including, but not limited to, the following powers to:(a) Borrow money …

Upon receipt of a certificate of public convenience and necessity from the Executive Director of the Mississippi Department of Economic and Community Development, the company shall have the power to borrow money and to issue from time to time its bonds to pay the cost of the proj…

(a) In addition to and not as a limitation upon the powers to issue bonds as elsewhere expressed in this article, the company may, with proceeds of an issue of its bonds, participate with lenders in making or purchasing loans to eligible businesses to be serviced by such lenders,…

In addition to, and not as a limitation upon, the powers of the company to issue bonds as elsewhere conferred in this article, and upon the receipt of a certificate of public convenience and necessity from the Executive Director of the Mississippi Department of Economic and Commu…

(a) There is hereby created an insurance or guaranty fund of the company which may be used for any of the following purposes:(a) To ensure the payment or repayment of all or any part of the principal of, redemption or prepayment premiums or penalties on, and interest on its bonds…

The bonds or instruments with respect to which financial assistance is provided by the company shall be secured or unsecured in a manner approved by the company.