summary
Introduced
01/23/2024
01/23/2024
In Committee
01/23/2024
01/23/2024
Crossed Over
Passed
Dead
03/05/2024
03/05/2024
Introduced Session
2024 Regular Session
Bill Summary
An Act To Establish The Small Business Bridge Loan Program In The Mississippi Department Of Banking And Consumer Finance To Provide Short Term Bridge Loans To Small Business Owners For The Purpose Of Providing Financial Assistance Until The Owners Are Able To Secure Other Financing; To Create A Special Fund To Be Known As The Small Business Bridge Loan Program Revolving Loan Fund, Which Shall Be Administered By The Department, And Expended For The Sole Purpose Of Providing Loans To Small Business Owners Under The Provisions Of This Act; To Provide That The Department Shall Determine The Terms And Conditions Of The Loans And Specify Certain Requirements And Conditions For The Loans; And For Related Purposes.
AI Summary
This bill establishes the Small Business Bridge Loan Program in the Mississippi Department of Banking and Consumer Finance to provide short-term bridge loans to small business owners until they can secure other financing. The bill creates a special fund, the Small Business Bridge Loan Program Revolving Loan Fund, to be administered by the department and used solely for providing these loans. The department will determine the terms and conditions of the loans, including eligibility requirements, maximum loan amounts, and loan terms. The bill also provides for the transfer of state funds to the revolving loan fund over three fiscal years to capitalize the program.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Died In Committee (on 03/05/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://billstatus.ls.state.ms.us/2024/pdf/history/HB/HB0509.xml |
| BillText | https://billstatus.ls.state.ms.us/documents/2024/html/HB/0500-0599/HB0509IN.htm |
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