Mississippi Senate Bill SB2760

Mississippi 2022 Regular Session

• Introduced: 1/17/22
• Refer: 1/17/22
• Failed: 2/1/22

Caption

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

Impact

With the increase in the loan limit, which is set at One Million Dollars for any single borrower, the bill seeks to facilitate greater financial support for minority-owned businesses involved in agribusiness, greenhouse production, and small businesses. Additionally, the MDA is empowered to implement guidelines and administrative procedures to ensure equitable access to the fund. The bill is anticipated to contribute to improving the economic landscape for minority entrepreneurs by providing them with essential resources to establish or grow their business operations.

Summary

Senate Bill 2760 aims to amend Section 69-2-13 of the Mississippi Code of 1972, specifically increasing the maximum loan amount available from the Emerging Crops Fund to assist in financing businesses focused on minority economic development. The bill outlines the establishment of a comprehensive funding mechanism administered by the Mississippi Development Authority (MDA), which will oversee the issuance of loans and grants aimed at promoting agribusiness and other relevant sectors. This legislative endeavor reflects the state's commitment to cultivate economic opportunities and support underrepresented businesses in the agricultural sector.

Contention

However, there may be concerns regarding oversight and the allocation of funds. Stakeholders may raise questions about how effectively the MDA will manage the Emerging Crops Fund and ensure that loans are granted equitably among minority applicants. Furthermore, the potential for bias in loan approvals and the necessity for thorough documentation may lead to debates on the effectiveness of this program. As such, transparency measures and accountability protocols will be vital for the bill's successful implementation.