MS SB2851

Transfer administration of three technology-based capital assistance programs (Research and Development Program, Mississippi New Technology Business Program-Level 1, and Rural Innovation Program-Level 1) from the Mississippi Technology Alliance to Innovate Mississippi.

Increase maximum assistance for the Research and Development Program from $200,000 to $250,000 in aggregate.

Rename "Mississippi New Technology Business Program-Level 1" to "Proof of Concept Loan Program" and increase maximum assistance from $10,000 to $25,000.

Rename "Rural Innovation Program-Level 1" to "Proof of Concept Grant Program" and change from a loan-based repayment model to a grant program where businesses are not required to repay assistance unless they violate agreement terms or submit false information.

Effective date: July 1, 2023.