Bill > HB414

This bill establishes the Small Business Bridge Loan Program in Mississippi to provide short-term financial assistance to small businesses. The program will create a special revolving loan fund in the State Treasury, initially funded with $6 million over three fiscal years ($3 million in 2026, $2 million in 2027, and $1 million in 2028). To be eligible, a small business must have been established in Mississippi for at least one year and can request loans up to $250,000 for bridging financial gaps while seeking other financing. Loan terms will be either 90 or 180 days, with the potential for a one-time 180-day extension, and the Mississippi Department of Banking and Consumer Finance will administer the program. The fund will be replenished as businesses repay their loans, allowing for continuous support of small businesses. The fund can receive money from various sources including legislative appropriations, federal funds, and donations, and any unspent money will roll over to the next fiscal year. The program aims to provide critical short-term financial support to help small businesses survive and grow by offering temporary bridge loans until they can secure more permanent financing.

Business and Industry

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB0414.xml