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H. B. No. 70 *HR31/R643* ~ OFFICIAL ~ G1/2
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To: Banking and Financial
Services; Appropriations A
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Representative Hines
HOUSE BILL NO. 70
AN ACT TO ESTABLISH THE SMALL BUSINESS BRIDGE LOAN PROGRAM IN 1
THE MISSISSIPPI DEPARTMENT OF BANKING AND CONSUMER FINANCE TO 2
PROVIDE SHORT TERM BRIDGE LOANS TO SMALL BUSINESS OWNERS FOR THE 3
PURPOSE OF PROVIDING FINANCIAL ASSISTANCE UNTIL THE OWNERS ARE 4
ABLE TO SECURE OTHER FINANCING; TO CREATE A SPECIAL FUND TO BE 5
KNOWN AS THE SMALL BUSINESS BRIDGE LOAN PROGRAM REVOLVING LOAN 6
FUND, WHICH SHALL BE ADMINISTERED BY THE DEPARTMENT, AND EXPENDED 7
FOR THE SOLE PURPOSE OF PROVIDING LOANS TO SMALL BUSINESS OWNERS 8
UNDER THE PROVISIONS OF THIS ACT; TO PROVIDE THAT THE DEPARTMENT 9
SHALL DETERMINE THE TERMS AND CONDITIONS OF THE LOANS SUBJECT TO 10
CERTAIN ELIGIBILITY REQUIREMENTS AND PROVISIONS FOR THE LOANS; AND 11
FOR RELATED PURPOSES. 12
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 13
SECTION 1. (1) As used in this section, the following terms 14
have the meanings as defined in this subsection, unless the 15
context clearly indicates otherwise: 16
(a) "Department" means the Mississippi Department of 17
Banking and Consumer Finance; 18
(b) "Fund" means the Small Business Bridge Loan Program 19
Revolving Loan Fund; and 20
(c) "Small business" has the meaning as defined in 21
Section 57-10-155. 22
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(2) The Small Business Bridge Loan Program is established in 23
the Mississippi Department of Banking and Consumer finance to 24
provide short term bridge loans to small business owners for the 25
purpose of providing financial assistance until the owners are 26
able to secure other financing. 27
(3) (a) There is created in the State Treasury a special 28
fund to be known as the Small Business Bridge Loan Program 29
Revolving Loan Fund, which shall be administered by the 30
department. The fund shall consist of legislative appropriations, 31
federal funds, contributions, donations, gifts and monies from any 32
other source that are made available for deposit into the fund. 33
Monies in the fund shall be expended by the department upon 34
appropriation of the Legislature for the sole purpose of providing 35
loans to small businesses under the provisions of this section. 36
Monies remaining in the fund at the end of a fiscal year shall not 37
lapse into the State General Fund, and any interest earned from 38
the investment of monies in the fund shall be deposited to the 39
credit of the fund. 40
(b) The State Fiscal Officer shall transfer from the 41
Capital Expense Fund to the Small Business Bridge Loan Program 42
Revolving Loan Fund, as created in subsection (3)(a) of this 43
section, the sum of Three Million Dollars ($3,000,000.00) during 44
fiscal year 2027; the sum of Two Million Dollars ($2,000,000.00) 45
during fiscal year 2028; and the sum of One Million Dollars 46
($1,000,000.00) during fiscal year 2029. 47
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(4) The department shall determine the terms and conditions 48
of each loan, including the repayment of the loan by the small 49
business upon securing other financing to be deposited back in the 50
revolving loan fund for issuance of future loans to other small 51
businesses, which shall be subject to the following provisions: 52
(a) To be eligible for a loan authorized under this 53
section, a small business must have been established in the state 54
for not less than one (1) year prior to the request for a loan. 55
(b) To qualify for a loan, a small business must 56
request funds for the purposes specified in subsection (2) of this 57
section, and a loan received by a small business shall be used 58
only for the requested purpose or purposes. 59
(c) The amount of a loan shall not be more than Two 60
Hundred Fifty Thousand Dollars ($250,000.00). 61
(d) The term of any loan made under this section shall 62
be either ninety (90) days or one hundred eighty (180) days, as 63
determined by the department based upon the circumstances of the 64
business applying for the loan. However, the department may 65
extend the term of any loan made under this section up to an 66
additional one hundred eighty (180) days. 67
(e) The proceeds of the loans authorized under this 68
section shall be used only for the purpose of providing short term 69
financial assistance to small business owners until the owners are 70
able to secure other financing. 71
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ST: Small Business Bridge Loan Program; create.
SECTION 2. This act shall take effect and be in force from 72
and after July 1, 2026. 73