MS HB1573

Establishes a Small Business Participating Loan Program administered by the Mississippi Development Authority to provide loans to small businesses with not more than 10 full-time employees and less than $500,000 in annual net profit.

Loan amounts shall not exceed 50% of total project cost or $100,000, whichever is less, and may be used for land, buildings, equipment, inventory, or working capital with repayment terms ranging from 3 to 15 years depending on use.

Creates the Mississippi Small Business Participating Loan Program Revolving Fund in the State Treasury to hold loan repayments and funds from all sources designated for the program.

Authorizes issuance of general obligation bonds totaling $50,000,000 by the State Bond Commission to provide initial funding for the program, with bonds not to be issued after July 1, 2019.

Bonds are backed by the full faith and credit of Mississippi, exempt from state taxation, and mature within 25 years; the State Treasurer must ensure adequate funds are available to pay principal and interest as due.