A borrower may apply to the committee for a loan guaranty necessary to meet the lender's approval of the loan. The borrower must demonstrate his inability to obtain conventional financing, and thus the need for the state loan guaranty.
Structure Mississippi Code
Title 57 - Planning, Research and Development
Chapter 10 - Small Business Assistance
Article 3 - Small Businessman's Loan Assistance Law of 1972
§ 57-10-103. Declaration of intent; construction
§ 57-10-111. General powers and duties of committee
§ 57-10-113. Eligibility for loan guaranty
§ 57-10-117. Supplementary security requirement for corporate borrower
§ 57-10-119. Advancement of loan in installments
§ 57-10-121. Proceedings by lender upon default on loan; assignment of unsatisfied judgment to state
§ 57-10-123. Filing of claim for payment of loan from state funds
§ 57-10-127. Distribution of collections by state
§ 57-10-129. Extent of liability of state funds
§ 57-10-131. Investment of moneys in state funds
§ 57-10-133. Acceptance of federal and private grant funds
§ 57-10-137. Transfer of moneys to general fund upon termination of program