Mississippi 2023 Regular Session

Mississippi Senate Bill SB2713

Introduced
1/16/23  
Refer
1/16/23  

Caption

Emerging Crops Fund; increase amount that may be loaned to any one borrower to assist in financing minority economic development.

Impact

The proposed changes are expected to significantly empower minority businesses by providing larger loans, which allow for greater investment in crop production and agribusiness development. The Mississippi Development Authority, which administers the fund, has been tasked with promoting and protecting the interests of these small businesses by ensuring they receive due assistance. This will aid in creating a more equitable business environment and potentially increase job opportunities within the communities served by minority enterprises.

Summary

Senate Bill 2713 seeks to amend the existing Mississippi Code to increase the maximum loan amount for single borrowers from the Emerging Crops Fund to facilitate minority economic development. The Emerging Crops Fund, governed by the Mississippi Development Authority, will now allow loans up to One Million Dollars ($1,000,000.00) to support agribusinesses, greenhouse production horticulture, and small business concerns. This act highlights the state's commitment to enhancing economic opportunities for minority-owned businesses within Mississippi's agricultural sector.

Contention

While the bill aims to bolster minority business interests, there are concerns about the governance and oversight of the loans distributed under this amendment. Critics may question the accessibility of these funds to the intended beneficiaries and the effectiveness of the Mississippi Development Authority in monitoring loan distributions. Additionally, debates may arise regarding the adequacy of the established criteria for loan eligibility, particularly the requirement for businesses to demonstrate an ability to repay loans and maintain sufficient equity holdings.

Companion Bills

No companion bills found.

Previously Filed As

MS SB2760

Emerging Crops Fund; increase amount that may be loaned to any one borrower to assist in financing minority economic development.

MS SB193

Economic development: grant programs and other financial assistance.

MS AB193

Economic development: grant programs and other financial assistance.

MS SB3275

Madison County; increase the amount of bonds that may be issued for the Madison County Economic Development Authority.

MS HB1987

Madison County; increase the amount of bonds that may be issued for the Madison County Economic Development Authority.

MS SB00966

An Act Concerning Economic Development Programs Administered By The Department Of Economic And Community Development, The Minority Business Initiative Advisory Board, The State Economic Strategic Plan And The Evaluation Of Business Assistance And Incentive Programs.

MS SB2857

Small Municipalities and Limited Population Counties Fund; increase grant amount that may be awarded by MDA.

MS SB28

AN ACT relating to agricultural economic development and declaring an emergency.

MS SB2001

Economic development; provide incentives for certain economic development projects.

MS HB1

Economic development; provide incentives for certain economic development projects.

Similar Bills

MS SB2760

Emerging Crops Fund; increase amount that may be loaned to any one borrower to assist in financing minority economic development.

MS HB363

Mississippi Department of Agriculture and Commerce; technical amendments related to certain powers and duties.

MS SB2157

Agriculture; grant the Commission of Agriculture and Commerce investigative powers and amend related procedures.

MS SB2095

Mississippi Medical Cannabis Act; create.

MS HB1156

Mississippi Worforce Training and Education Act; extend repealer in 2004 chapter law comforming code sections.

MS HB564

MS Workforce Training and Education Act; extend repealer and codify repealers on conforming statutes.

MS HB892

MS Workforce Training and Education Act; extend repealer on act and delete repealer on sections amended to conform in 2004.

MS HB588

Office of Workforce Development; revise funding mechanism for and revise powers and duties of.