Establishes the Small Business Bridge Loan Program in Mississippi to provide short-term loans to small businesses.
The bill creates the Small Business Bridge Loan Program within the Mississippi Department of Banking and Consumer Finance. It establishes a revolving loan fund to provide short-term loans up to $250,000 to small businesses for 90 to 360 days. Loans are intended to help businesses secure other financing. The fund will receive appropriations and interest earnings will be reinvested. The program aims to support small businesses that have been established for at least one year.
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