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Bill > HB70

MS HB70

MS HB70
Small Business Bridge Loan Program; create.

summary

Introduced
01/07/2026
In Committee
01/07/2026
Crossed Over
Passed
Dead
02/03/2026

Introduced Session

2026 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 Subject To Certain Eligibility Requirements And Provisions For The Loans; And For Related Purposes.

AI Summary

This bill establishes the Small Business Bridge Loan Program within the Mississippi Department of Banking and Consumer Finance to provide short-term loans to small businesses, defined as businesses operating in Mississippi for at least one year, to help them financially until they can secure other funding. A special fund, the Small Business Bridge Loan Program Revolving Loan Fund, will be created and administered by the department, receiving appropriations, federal funds, and other contributions, with initial transfers from the Capital Expense Fund totaling $6 million over three fiscal years. The department will set the loan terms, with individual loan amounts capped at $250,000 and terms of 90 or 180 days, extendable by an additional 180 days, and loan proceeds must be used solely for the stated purpose of bridging financial gaps.

Committee Categories

Business and Industry

Sponsors (1)

Last Action

Died In Committee (on 02/03/2026)

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