HB 70

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.