If there is a corporate borrower, the committee shall require the personal guarantee or endorsement of any principal or entity owning at least twenty percent (20%) of the corporation that is borrowing money from any lender under the provisions of this article, and the committee may also require any other guarantees it deems appropriate.
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