Senate Bill 2713 Summary

• Increases the maximum loan amount from the Emerging Crops Fund to any one borrower for minority economic development from $250,000 to $1,000,000.

• Reactivates the minority economic development loan program from July 1, 2023, through June 30, 2027, allowing the Mississippi Development Authority to loan or grant funds to qualified entities for establishing revolving loan funds.

• Applies the increased loan limit to loans made by planning and development districts and qualified entities (including small business investment corporations, bank-based community development corporations, and other designated entities) to minority business enterprises.

• Takes effect July 1, 2023, with the program authorization set to expire June 30, 2027, after which unused funds revert to the bond retirement sinking fund.