MS SB2718

Increases the maximum loan amount to any single minority business enterprise borrower from $250,000 to $1,000,000 under the Emerging Crops Fund's minority economic development program.

Allows the Mississippi Development Authority to loan or grant funds to qualified planning and development districts and other entities for establishing loan revolving funds to assist minority business enterprises.

Maintains the aggregate cap of $29,000,000 for all loans and grants made to qualified entities for minority economic development purposes through June 30, 2010.

Requires that minority business enterprises receiving loans meet criteria including private for-profit status, at least 50% Mississippi resident ownership, 5% equity interest by borrower, and demonstrated ability to repay.

Takes effect July 1, 2015.