SB 2436 Summary

• Removes reversionary language from Mississippi Code Section 69-2-13 that was set to expire July 1, 2014, making permanent the loan program provisions for agribusinesses and greenhouse production horticulture enterprises.

• Allows the Mississippi Development Authority to make loans to agribusiness or greenhouse production horticulture enterprises, with maximum loans of $200,000 or 20% of project cost (whichever is less) for new enterprises and $200,000 or 30% of project cost (whichever is less) for upgrades to existing enterprises.

• Caps the maximum aggregate loan amount to any single agribusiness at $400,000 across all loan programs.

• Establishes that loans carry no interest and require repayment of only the amount actually loaned, with repayments deposited back into the Emerging Crops Fund.

• Takes effect July 1, 2013.