MS SB2954

Removes the requirement that loans made by planning and development districts to small businesses under the Mississippi Small Business Assistance Act bear a minimum interest rate of 5% per annum.

Establishes new interest rate cap of no more than 4% above the federal discount rate, plus servicing fees.

Maintains existing eligibility criteria including 60% Mississippi residency ownership requirement, prohibition on speculative investments and existing debt financing, and maximum assistance of $250,000 per business.

Requires all assistance applications to be reviewed by a small business assistance review board with representatives from banking, small business ownership, and minority and female-owned business communities.

Becomes effective July 1, 2011.