reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.4 - Qualifications

Current through June 25, 2024
The average annual wage is the total employee earnings
				  subject to Mississippi personal income taxes, including bonuses and overtime.
				  All jobs at the approved facility must be included in the calculation of the
				  company's average wage when determining whether the wages paid meet the
				  required state or county thresholds. All jobs are also included in the
				  calculation to determine whether program requirements are being met. The new
				  jobs may be created due to a new business enterprise or an expansion of an
				  existing business, as long as the company meets the minimum criteria set forth
				  by the MDA. To qualify, the jobs must not have existed in this state before the
				  date of approval by the MDA of the Advantage Jobs application. Additionally,
				  any business entity that qualifies for the Advantage Jobs Incentive Program
				  must also:
A. Provide, or plan to
				provide to any new employees, a basic health benefit plan. Such plan must be in
				effect within 180 days of receiving any incentives.
B. Meet jobs creation and wage requirements
				within twenty-four (24) months of the issuance of an Advantage Jobs Incentive
				Certificate ("Certificate").
C.
				Provide the Mississippi Development Authority with a performance agreement that
				outlines how the rebate will be used.
Miss. Code Ann. §
										57-62-9
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.5 - Ineligible Industries

Current through June 25, 2024
The following industries do not qualify for the Advantage
				  Jobs Incentive Program:
A. Gaming: any
				gaming company that is regulated and/or subject to regulation by the State
				Gaming Commission cannot receive the Advantage Jobs Incentive.
B. Retail: any business or industry that buys
				a product and resells it without changing the form of the product is considered
				a retail establishment and cannot receive the Advantage Jobs
				Incentive.
C. Professional
				Services: professional establishments that provide services such as legal,
				medical, financial, or accounting with offices open to the public do not
				qualify for this incentive.
D.
				Telecommunications: any business that operates as a commercial broadcast radio
				station, television station, or news organization primarily serving in-state
				markets is not qualified to participate on the rebate program.
Miss. Code Ann. §
										57-62-9
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.6 - Net Economic Benefit

Current through June 25, 2024
The amount of the Advantage Jobs rebate is tied directly to
				  the net economic benefit received by the state. This net benefit is shown as a
				  Mississippi percentage of payroll that, based on the number of jobs and average
				  annual salary estimates provided by the company, is allowable given the
				  economic impact of the project. The net economic benefit is the lesser
				  of:
A. The qualified employees' state
				personal income tax withholding;
B.
				A cost/benefit analysis prepared by MDA (the net benefit rate and the
				cumulative estimated net direct state benefit); or
C. A legal maximum of 4%.
Once the company has met all eligibility requirements, it
				  must notify the Tax Commission. The Tax Commission will insure that the company
				  has complied with all program requirements for four quarters.
Miss. Code Ann. §
										57-62-9
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.7 - Rebate Payments

Current through June 25, 2024
After the company has remained in compliance for four
				  consecutive quarters, rebate payments will begin. The amount of rebate paid is
				  calculated by multiplying the amount placed in the fund by:
A. 90% if the annual average wage is at least
				175% of the county or state wage, whichever is less;
B. 80%) if the annual average wage is at
				least 125% and less than 175% of the county or state wage, whichever is less;
				or
C. 70%) if the annual average
				wage is less than 125% of the county or state wage, whichever is less.
If the business or industry does not maintain jobs and salary
				  requirements at any point after the date the first rebate payment is made,
				  incentive payments will stop and will not resume until all requirements are
				  again met or exceeded for one calendar quarter, to the satisfaction of the
				  Mississippi State Tax Commission.
Miss. Code Ann. §
										57-62-15
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.8 - Acquisition of Existing Facilities and Net Economic Benefit

Current through June 25, 2024
In connection with the acquisition of assets or facilities
				  existing within the State at or prior to the acquisition date, no benefit under
				  the Advantage Jobs Program will be available, except under the following
				  circumstances:
A. A formal decision to
				close the existing facility by the seller must have been announced by means of
				a notice ("WARN Notice") delivered in the manner prescribed in the Workers
				Adjustment and Relocation Act, 29 U.S.C. Section 2101 and following. Other
				substantially similar formal, verifiable evidence that confirms a decision to
				close the existing facility may also be considered; and
B. The purchaser must provide a letter to the
				MDA stating that without the benefits available under and pursuant to the
				Advantage Jobs program, the purchaser would be unwilling to purchase the
				facility or assets; and
C. The
				equity owners of the seller may not have effective voting control, directly or
				indirectly, of the purchaser for a period of not less than ten (10) years, and
				under no circumstances may the equity owners of the seller during such period
				own more that twenty-five percent (25%) of the equity interest of the
				purchaser.
The Advantage Jobs benefits offered, if any: (a) shall be
				  based on the facts and circumstance of each case, (b) shall be subject to
				  review and approval by the Executive Director of MDA and (c) shall be subject
				  to any conditions imposed by the Executive Director in addition to or in lieu
				  of the conditions stated above.
Miss. Code Ann. §
										57-62-15
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.9 - Advantage Jobs Application Process

Current through June 25, 2024
All Advantage Jobs program documents may be obtained from
				  MDA. To apply, three (3) copies of a completed Advantage Jobs Application
				  ("Application") must be submitted to MDA. A shall conduct a cost benefit
				  analysis as prescribed by the Act. MDA has the sole discretion to qualify a
				  company for benefits under the Advantage Jobs Program. Upon approval of an
				  Application, MDA will issue an Advantage Jobs Incentive Certificate
				  ("Certificate"). Such Certificate will establish the minimum average salary
				  ("Salary Base"), number of jobs ("Job Base"), and the estimated net direct
				  state benefit allowed. Once the approved company has met all requirements
				  including jobs and salaries, qualified companies must file a claim with the
				  Mississippi State Tax Commission. The company must specify the actual number of
				  full-time jobs created and maintained by the company and provide the gross
				  payroll in order to receive payment. The company must provide all information
				  necessary to substantiate that requirements are being met to the satisfaction
				  of the State Tax Commission. The company will be required to provide periodic
				  reports to show continued eligibility and may be subject to audit. After four
				  consecutive quarters of program compliance, rebates will begin to be paid by
				  the Mississippi State Tax Commission. A qualified company may receive quarterly
				  incentive payments for up to 10 years from the Tax Commission. The company will
				  have 24 months from the date of the Certificate to meet the terms established
				  under such Certificate.
Miss. Code Ann. §
										57-62-15
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 2 - Advantage Jobs Incentive Program › Rule 6-1-2.10 - Amendments and Waivers

Current through June 25, 2024
Advantage Jobs is administered by the Mississippi
				  Development Authority ("MDA") and the Mississippi State Tax Commission ("Tax
				  Commission") pursuant to Section
				  57-62-1 et
				  seq., Mississippi Code of 1972, as amended. These guidelines may be amended by
				  MDA at anytime. MDA, in its discretion, may temporarily waive any requirement
				  of these guidelines to the extent that the result of such waiver is to promote
				  the public purpose of the Act and is not prohibited by State
				  laws.
Miss. Code Ann. §
										57-62-15
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.1 - Purpose

Current through June 25, 2024
The Mississippi Existing Industry Productivity Loan Program
				  ("Existing Industry Loan Program"), administered by the Mississippi Development
				  Authority ("MDA") is designed for making loans to existing industries or to
				  local governmental entities to assist existing industries to deploy long-term
				  fixed assets through new technology, which will improve productivity and
				  competitiveness and for purchasing or refinancing land, buildings or equipment.
				  Funding for this program is derived from state general obligation
				  bonds.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.2 - Eligible Projects

Current through June 25, 2024
Loan funds can be used to finance long-term fixed assets
				  ("Fixed Assets") or refinance land, buildings and equipment, provided that the
				  company can demonstrate that refinancing is necessary to maintain or expand the
				  facility. This financing is for are assets which, through new technology, will
				  improve productivity and competitiveness of the company. The benefits of such
				  asset will have to be documented. Loan proceeds may not be used for working
				  capital or rolling stock.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.3 - Qualified Borrowe

Current through June 25, 2024
A. Companies - To
				obtain assistance under the Existing Industry Loan Program, the company must be
				a manufacturing enterprise that has operated in the State for not less than two
				(2) consecutive years. A manufacturing enterprise is one that is exclusively or
				predominately engaged in activities of an industrial or commercial nature
				wherein labor or skill is applied by hand or machinery, to materials belonging
				to the manufacturer so that a new, different, or more useful article is
				produced for sale. The company must be financially sound, present evidence that
				the company can repay the debt, and must not have defaulted on any previous
				loan from the State or Federal Government.
B. Qualified Borrowers - Local Government
				Entities. Counties or incorporated municipalities may apply for a loan fund to
				assist a manufacturing enterprise in deploying long-term fixed
				assets.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.4 - Loan Conditions

Current through June 25, 2024
An existing company that accepts a loan shall not reduce
				  employment by more than twenty percent (20%) through the use of the long term
				  fixed assets for which the loan is provided. The company must inject a minimum
				  of up to ten percent (10%) equity into the project.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.5 - Loan Terms

Current through June 25, 2024
The maximum amount of a loan shall not exceed $2,000,000
				  while the minimum amount is $250,000. The term of the loan shall be the
				  determined useful life of the asset to be financed or twenty (20) years,
				  whichever is less. The rate of interest on a loan will be at a fixed rate. The
				  base rate will be 200 basis points over the Wall Street Journal Prime Rate with
				  a floor of three percent; however, the rate of interest can be adjusted an
				  additional 200 basis points above or below the base rate depending on the
				  credit risk e.g. (collateral, loan terms, company's financials) associated with
				  each loan.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.6 - Loan Repayment

Current through June 25, 2024
Principal and interest payments will be due on a monthly
				  basis, with a fixed amount to be paid over the life of the
				  loan.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.7 - Liens

Current through June 25, 2024
Each loan will be secured by a lien to provide adequate
				  security for MDA to recover its investment in case of default on the loan.
				  Liens may be in the form of personal guarantees, liens on the equipment
				  installed or a security interest in other assets. It should be noted MDA will
				  require a one percent (1%) good faith deposit on all loan applications.
				  Individuals or entities with twenty percent (20%) or more ownership in the
				  company will be required to provide personal guaranties and life insurance.
				  Local governmental entities applying for loans under this section shall pledge
				  for repayment its homestead exemption annual tax loss reimbursement or sales
				  tax revenue, respectfully.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.8 - Requirements for Loan Application Submission by a Company

Current through June 25, 2024
The application to be submitted by a company must
				  include:
A. The purpose of the proposed
				loan including a list of eligible items and the cost of each;
B. Documentation on how the financing of the
				Fixed Assets will improve productivity and competitiveness;
C. The estimated cost of the total project
				with a detailed breakdown of all public or private sources of
				funding;
D. The time schedule for
				implementation and completion of the project, evidencing an expeditious
				completion of the project;
E.
				Company balance sheets, income statements and statements of cash flow for the
				previous three (3) fiscal years and current statements dated within ninety (90)
				days of application and/or three (3) years of tax returns;
F. A two (2) year business plan for the
				project;
G. List of principal
				stockholders, partners, or parties who have ownership of twenty percent (20%)
				or more.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.9 - Requirements for Loan Application Submission by a Local Government Entity

Current through June 25, 2024
The applications submitted by a local government entity must
				  include the same information for the company that would be submitted if the
				  company applied plus the following:
A.
				Certified proof of publication of the Resolution of Intention of the government
				entity to apply for an Existing Industry Loan Program. The Resolution must be
				published once a week for at least four (4) consecutive weeks in a newspaper
				having general circulation in the county.
B. Upon receiving the results of the
				publication of the Resolution of Intention, the government entity will need to
				provide MDA with an execution Resolution of No Protest.
C. Most recent audited financial statements.
MDA may require additional information as needed. Two copies
				  of the application must be submitted.
Miss. Code Ann. §
										57-93-1
				  (Re. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.10 - Process for Disbursement and Reimbursement of Funds

Current through June 25, 2024
Based upon the terms and conditions established by MDA, MDA
				  will prepare all security and loan documents, including but not limited to, the
				  Loan Agreement and Promissory Note, (collectively "Loan Documents").
Prior to disbursement of any funds, all Loan Documents must
				  be fully executed. The Borrower will also be responsible for paying for all
				  costs associated with the closing of the loan, including document preparation,
				  title searches and filing fees.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.11 - Reimbursement Process

Current through June 25, 2024
The MDA will release loan funds on a reimbursement or
				  services rendered basis for approved eligible costs of the project as incurred.
				  The Borrower shall certify to MDA that the expenses were incurred and were in
				  accordance with the project as approved by MDA. Funds will be released
				  periodically upon receipt of supporting documentation from the Borrower based
				  upon a schedule established by MDA.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.12 - Audit

Current through June 25, 2024
Loans made under the Existing Industry Loan Program are
				  subject to audit by the State Department of Audit.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 3 - Mississippi Existing Industry Productivity Loan Program › Rule 6-1-3.13 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at anytime. MDA, in
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public purpose of the
				  Act and is not prohibited by State Law.
Miss. Code Ann. §
										57-93-1
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.1 - Purpose

Current through June 25, 2024
The Agribusiness Enterprise Loan Program (ABE), to be
				  administered by the Mississippi Development Authority (MDA), is a loan program
				  designed to encourage the extension of conventional financing and the issuance
				  of letters of credit, by private institutions, to agribusiness enterprises in
				  the State of Mississippi (the State). MDA will provide interest-free loans to
				  qualified borrowers engaged in the production, manufacturing, and processing of
				  agribusiness related goods and services. The following guidelines set out the
				  requirements under the program, and MDA reserves the right to make changes to
				  these guidelines and to waive any restriction not set by
				  statute.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.2 - Definitions

Current through June 25, 2024
A. Agribusiness means any aqua cultural,
				horticultural, greenhouse production or agricultural related industrial,
				manufacturing, research and development or processing enterprise located in the
				State and owned by a resident of the State. The agribusiness must be
				creditworthy and demonstrate the ability to repay the loan and must not have
				defaulted on any previous loan from the State or Federal Government.
B. Lender means any commercial bank, savings
				bank, federal land bank, farm credit bank, agricultural credit association or
				other farm credit agency, which is domiciled or qualified to do business in the
				State.
Miss. Code Ann. §
										69-2-9
				  (Rev. 2005)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.3 - Guaranties

Current through June 25, 2024
Each Agribusiness Enterprise Loan (ABE Loan) must be 100%
				  guaranteed to MDA by an eligible Lender.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.4 - Application Process

Current through June 25, 2024
An eligible Lender must originate the ABE Loan application
				  for an agribusiness.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.5 - Servicing Agreement

Current through June 25, 2024
The Lender must provide MDA with a Servicing Agreement
				  Letter to be accepted upon approval of the ABE Loan.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.6 - Loan Closing Documents

Current through June 25, 2024
The Lender must provide, in writing, all required
				  information for the preparation of ABE Loan closing documents. All closing
				  documents must be properly executed and returned to MDA immediately. All
				  exhibits to the closing documents must be filed and copies sent to MDA no later
				  than thirty (30) days from the date of closing.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.7 - Loan Servicing Fees

Current through June 25, 2024
The Lender may charge an agribusiness a servicing fee, which
				  may not exceed one percent (1%) of the ABE Loan amount. The fee will be a one
				  time charge collected when the ABE Loan is closed. The fee may be paid directly
				  by the agribusiness, deducted from the ABE Loan proceeds, or financed as part
				  of the Lender's loan. The Lender shall also be responsible for collecting and
				  remitting to MDA, at loan closing, a servicing fee which represents one percent
				  (1%) of the ABE Loan. The fee will be a one-time charge and may be paid by the
				  agribusiness, deducted from the ABE Loan proceeds, or financed as a part of the
				  Lender's loan. The Lender shall be responsible for servicing the ABE Loan,
				  which will include all repayments to MDA. The Lender will also enforce the
				  terms and conditions of all closing documents executed for the ABE
				  Loan.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.8 - Loan Proceeds

Current through June 25, 2024
ABE Loan proceeds may be used to finance buildings and
				  equipment and for costs associated with the purchase of land (appraisals, title
				  searches, etc.). However, proceeds cannot be used to purchase land. ABE funds
				  to new or existing poultry farms for the construction of new or additional
				  houses will be governed by terms, conditions, and requirements pursuant to
				  Terms and Conditions for Loan Proceeds pursuant to Rule 3.2.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.9 - Terms and Conditions for Loan Proceeds

Current through June 25, 2024
The following terms, conditions and requirements must be
				  satisfied by the terms of each poultry farm loan for the construction of new or
				  additional poultry houses for said loan to be eligible for participation in
				  this ABE program:
A. All live birds
				must be weighted by a bonded weighmaster on certified scales. Said procedure
				may be witnessed by a producer or family member with proper identification.
				This subsection A does not apply to loans for pullet and breeder
				houses.
B. All feed must be
				weighted by a bonded weighmaster on certified scales. Said procedure may be
				witnessed by a producer or family member with proper identification.
C. Producers shall be provided by Processor
				with copies of all documentation that impact producer's settlement payment.
				Said documentation shall include, but not be limited to
(i) producer's copy of USD A Form 9061-2;
				and
(ii) loading ticket, at time of
				catching, containing truck number, trailer number, number of birds per coop,
				and number of full coops; and
(iii)
				copy of weight tickets for live birds; and
(iv) copy of medication charges either at
				delivery or with settlement payments; and
(v) copy of sample computation of payment
				formula, which shall use producer's actual figures.
This subsection C does not apply to loans for pullet and
				  breeder houses.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.10 - Use of Loan Proceeds

Current through June 25, 2024
No loan proceeds shall be used to pay off any existing debt
				  for loan consolidation purposes; to finance acquisition, construction,
				  improvement, or operation of real property which is primarily for sale or
				  investment; to provide or free funds for speculation in any kind of property or
				  as a loan to owners; nor to provide working capital.
Miss. Code Ann. §
										69-2-13
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.11 - Maximum Loan Amount

Current through June 25, 2024
The amount of a loan to any single agribusiness shall not
				  exceed twenty percent (20%) of the total cost of the project or $200,000,
				  whichever is less. Upgrades for the retrofitting of poultry houses shall not
				  exceed thirty percent (30%) of the total cost of the project or $200,000,
				  whichever is less. Land purchases will not be considered in the total cost of
				  the project when determining an ABE Loan. In addition, an existing agribusiness
				  (one that has been in business for a minimum of the previous twenty four (24)
				  months at the time of application.) upon use of their initial $200,000, is
				  eligible to receive an ABE Loan or loans. For the purpose of assisting such
				  agribusiness to make upgrades, renovations, repairs and other improvements to
				  their equipment, facilities and operations, which shall not exceed $200,000 or
				  thirty percent (30%) of the total cost of the project for which financing is
				  sought, whichever is less. The maximum aggregate amount of ABE loans to any one
				  existing agribusiness shall not be more than $400,000.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.12 - Interest on an ABE Loan

Current through June 25, 2024
No interest will be charged on an ABE Loan. Only the amount
				  actually loaned to an agribusiness shall be required to be repaid to the
				  State.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.13 - Term of the ABE Loan

Current through June 25, 2024
The term of the ABE Loan shall match the term of the
				  Lender's loan, up to the maximum maturity of fifteen (15)
				  years.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.14 - Disbursements

Current through June 25, 2024
Disbursements of ABE funds will be made to Lenders on behalf
				  of borrowers after project construction is completed. Requests for payment must
				  be submitted on the MDA Request for Payment Form, which will be provided by
				  MDA.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.15 - Repayment of Funds

Current through June 25, 2024
All repayments of ABE funds to MD A shall match the
				  repayments of the borrower to the Lender and shall be submitted upon the terms
				  stated in the Lender's Authorization forms.
A. If a Lender collects payments on more than
				one ABE Loan, MDA will allow a lump sum payment on all outstanding loans. An
				itemized list of the source of funds, including ABE Loan numbers, must
				accompany this payment. Lenders must submit all collections for a one-month
				period by the fifth of the following month.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.16 - Agreements required for ABE loans

Current through June 25, 2024
ABE Loans are subject to an agreement, providing that any
				  and all outstanding obligations may be accelerated and payments called for if,
				  during the term of the loan, any change of ownership or control of the
				  agribusiness concern occurs without the prior written consent of MDA, or if any
				  adverse change occurs without notification to MDA.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.17 - Notification of Prepayment

Current through June 25, 2024
The Lender shall notify MDA in writing of any prepayments of
				  the Lender's loan. If the Lender's loan is to be paid in full, the MDA portion
				  of the loan must be paid off first. MDA and the Lender must determine the
				  application of partial payments.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.18 - Prohibition against the sale, assignment or conveyance of loan and note

Current through June 25, 2024
The Lender's Loan and Note is prohibited from being sold,
				  assigned, conveyed, subparticipated, subdivided, encumbered or otherwise
				  transferred.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 4 - Agribusiness Enterprise Loan Program › Rule 6-1-4.19 - Default

Current through June 25, 2024
MDA will consider any loan that has become delinquent, in
				  amount equal to the required annual payment, to be in
				  default.
Miss. Code Ann. §
										69-2-13
				  (Rev. 2005) (as amended in HB 1148).
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.1 - Purpose

Current through June 25, 2024
The Mississippi Development Authority (MDA) Workforce
				  Training Fund was established by the State Legislature during the Second
				  Extraordinary Session in 2010. The purpose of the MDA Workforce Training Funds
				  is to provide workforce training through state institutions of higher learning,
				  community and junior colleges, and Workforce Investment Network job centers,
				  referred to in this document as Training Providers, to meet workforce training
				  needs not met by other resources. The funds shall be used to effectively retain
				  and keep businesses competitive through skills training and upgrades for new
				  and existing full-time employees. The program is structured to be flexible to
				  meet the training objectives of a business or a group of businesses. Training
				  Providers are encouraged to use these grants in connection with training funded
				  from Federal, State, and other sources.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.2 - Eligible Applicants

Current through June 25, 2024
Applications for assistance must be submitted by a state
				  institution of higher learning, a public community or junior college, or the
				  administrative entity for a Workforce Investment Area on behalf of a Workforce
				  Investment Network (WIN) Job Center (Training Providers).
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.3 - Eligible Businesses

Current through June 25, 2024
A. Existing -
				For-profit businesses that have been in operation for a minimum of one year
				prior to the application date, are current on all federal and state tax
				obligations, and are financially viable are eligible to apply.
B. New - For-profit businesses that have been
				in operation for less than one year prior to the application date, are current
				on all federal and state tax obligations, are financially viable and have an
				adequate two-year business plan are eligible to apply.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.4 - Eligible Projects

Current through June 25, 2024
Eligible projects must meet critical training needs of a
				  specific business (Requesting Business) to train new or existing employees in
				  skills necessary for the operation of the business. MDA Workforce Training
				  funds should be used to maximize existing training resources available through
				  the Workforce Enhancement Training Funds, the Workforce Investment Act and
				  other sources. The training provider and affected business or group of
				  businesses must demonstrate that the training is not eligible for or has
				  exhausted funding through these or other existing programs. Applications must
				  include documentation that the requested funding is not available from other
				  training resources. The MDA Workforce Training Fund shall be available for, but
				  not limited to, the following industry sectors:
A. Aerospace
B. Clean and Renewable Energy
C. Data Services
D. Defense
E. Logistics
F. Manufacturing and Processing
G. Tourism
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.5 - Funds Ineligible for Certain Projects

Current through June 25, 2024
MDA Workforce Training Funds may not be used to provide the
				  following:
A. Proprietary management
				training packages such as DDI, VitalEdu, Achieveglobal, Plexus, ISO-9000,
				QS-9000, ISO-14000-01, Zig Ziglar, Phi Theat Kappa Leadership, and Stephen
				Covey; and
B. Training to a gaming
				enterprise
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.6 - Project Requirements

Current through June 25, 2024
The following types of training may be funded:
A. Occupational skills training designed to
				meet the special requirements of a business or a group of businesses and
				conducted with employer commitment to continue to retain all trained
				individuals upon successful completion of the trainings;
B. Educational training including, but not
				limited to, workplace literacy, basic skills, soft skills, and English as a
				second language;
C. Training in
				strategies to improve efficiency of business operations
An applicant must demonstrate the planned effect of the
				  proposed training on business operations and identify any transferable skills
				  to be acquired by the employees.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.7 - Application Requirements

Current through June 25, 2024
A. Any business or
				industry desiring additional training assistance from a state institution of
				higher learning, a public community or junior college, or the administrative
				entity for a Workforce Investment Area on behalf of a Workforce Investment
				Network (WIN) Job Center, hereafter referred to as Training Providers, under
				this section shall work with the Training Provider to complete and submit an
				application consisting of the information listed below. Applications to MDA
				will be made by the Training Provider and shall include the items requested
				below. The standard cover sheet included with application;
1. A letter from the Requesting Business to
				the Training Provider that request the training and describes how the training
				will meet a critical need to train new or existing employees in skills
				necessary for the operation of the business;
2. A description of the need and purpose for
				which the training assistance is requested;
3. A description of how the proposed training
				is consistent with MDA's workforce training priorities described on page 2 of
				the guidelines at section 2.c;
4. A
				description of the training to be delivered, the training objectives and how
				the funds will be used to meet the objectives;
5. A statement of the number and types of
				jobs to be trained, identifying the number of new and the number of existing
				employees to receive training;
6. A
				detailed description and supporting documentation of the steps taken to access
				or utilize other esources and documentation that such resources are not
				available to meet the need;
7. A
				detailed description of the total training project costs, supported by a
				line-item cost estimate;
8. A
				proposed schedule for the planning, provision and completion
9. Any other information required by
				MDA
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.8 - Maximum Dollar Amount

Current through June 25, 2024
The maximum amount for MDA Workforce Training Funds that may
				  be provided for any one project is $100,000.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.9 - Reimbursement Training Expenses

Current through June 25, 2024
A. Instructor or
				trainer salaries or tuition
B.
				Curriculum development
C.
				Textbooks/manuals
D. Wage
				reimbursements: WIN Job Center, on-the-job training, and internships
				only.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.10 - Conditions

Current through June 25, 2024
A Grant Agreement will be executed between the Training
				  Provider and MDA. The Grant Agreement cannot be executed until all required
				  conditions in these guidelines of the application are met and all documentation
				  is received.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.11 - Process

Current through June 25, 2024
MDA will release Workforce Training funds on a reimbursement
				  basis for approved eligible costs of the project as incurred. Funds will be
				  released upon receipt of the Workforce Training Reimbursement Requisition and
				  supporting documentation from the Training Provider. Funds may not be drawn
				  down more frequently than once per month. Training Provider has three months
				  from the last date training as agreed to in the Grant Agreement to request
				  reimbursement for training project costs.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.12 - Monitoring and Auditing

Current through June 25, 2024
MDA may monitor all projects to ensure compliance with the
				  original application and the Grant Agreement. Funds provided under MDA
				  Workforce Training Funds are subject to audit by the State Department of
				  Audit.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.13 - Project Performance

Current through June 25, 2024
The State Workforce Investment Board (SWIB) has created a
				  centralized location for workforce and economic information of the state. The
				  SWIB Data Center provides access to high-quality, timely, and relevant
				  information that supports everyday decision making and strategic planning in
				  Mississippi. MDA Workforce Training Funds program performance shall be tracked
				  in that center. The training provider must maintain and transfer reliable
				  project participant information and datasets into the SWIB Data Center as
				  prescribed in the Grant Agreement.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 5 - Workforce Training Fund › Rule 6-1-5.14 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at any time. MDA, at
				  its discretion, may waive any requirement of the guidelines to the extent that
				  the result of such waiver is to promote the public purpose of the Act and is
				  not prohibited by State law.
Miss. Code Ann. §
										57-1-401
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.1 - Guidelines

Current through June 25, 2024
The Farish Street Historic District Loan Program ("FSLP"),
				  administered by the Mississippi Development Authority ("MDA"), is designed to
				  make grants available to the Central Mississippi Planning and Development
				  District ("CMPDD") for the purpose of making low interest loans to persons or
				  entities to develop certain property in the Farish Street Historic District
				  ("District").
Senate Bill 3194, 1999
				  Regular Session, Section 2(3)(a), as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.2 - Eligibility

Current through June 25, 2024
To be eligible for funding under the program, a person or
				  entity must submit an application provided by the Mississippi Department of
				  Archives and History ("MDAH") along with plans for the proposed project to MDAH
				  for review. MDAH must determine that the proposed project conforms to the
				  Secretary of the Interior's Standards for Rehabilitation and Guidelines for
				  Rehabilitating Historic Buildings. MDAH shall also obtain a positive opinion
				  regarding the proposed project from the Farish Street Neighborhood Historic
				  District Foundation ("the Foundation"). Upon approval of a project ("the
				  Project"), MDAH shall notify CMPDD of its approval in
				  writing.
Senate Bill 3194, 1999
				  Regular Session, Sections 2(3)(a), 3(l)(a)-(e), 3(2)as amended by Chapter 533
				  Laws of 2010.