The committee is hereby authorized and empowered to accept federal and private grant funds and to use same for all purposes. The committee may use any such federal or private grant funds to establish a supplemental loan guaranty fund with the state treasury and may make additional loan guaranties on the basis of such fund; provided that the aggregate amount of such additional loan guaranties shall not at any time exceed five (5) times the amount on deposit in such supplemental loan guaranty fund; provided further, that the aggregate of the liability for such supplemental loan guaranty fund and the liability authorized by Section 57-10-115(3) shall not exceed seventeen million five hundred thousand dollars ($17,500,000.00) at any one (1) time.
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