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MS SB3178
Bill
AI Summary
- Establishes the Mississippi Small Business Participating Loan Program, administered by the Mississippi Development Authority (MDA), to provide loans to small businesses for encouraging the extension of conventional financing and letters of credit from private institutions
- Caps individual loans at 50% of total project cost or $100,000, whichever is less, with interest set at 1% above the published prime rate and a maximum term of 5 years; loan proceeds may be used for buildings, equipment, and working capital
- Authorizes issuance of up to $23,000,000 in general obligation bonds, to be issued no later than July 1, 2014, with proceeds deposited into a newly created Small Business Participating Loan Program Revolving Fund in the State Treasury
- Defines "small business" as a commercial enterprise with fewer than 100 full-time employees, less than $7,000,000 in gross revenues or net worth, or less than $750,000 in net annual profit after taxes
- Revises the Mississippi Small Business Assistance Act to cap the amount planning and development districts and qualified entities may retain for program administration at the lesser of 50% of interest earned on assistance or 3% of current annual loans disbursed
Legislative Description
Small business; authorize a loan program to encourage extension of conventional financing.
Last Action
Died In Committee
3/16/2010
Full Bill Text
No bill text available