6 Miss. Code. R. 1-22.7
Current through December 10, 2024
At the discretion of MDA, a loan may need to be secured by a lien of such type that provides adequate security for MDA to recover its investment in case of default on the loan. Liens may be in the form of personal guarantees, liens on the equipment installed or security interest in other assets. It should be noted MDA may require a one percent (1%) good faith deposit on all Projects.
Individuals or entities with twenty percent (20%) or more ownership in the business may be required to provide personal guaranties and life insurance.
6 Miss. Code. R. 1-22.7