6 Miss. Code. R. 9-5.4
All selected Participants are required to enter into a SBLF Agreement. This agreement establishes the terms and conditions of the program and obligates the Participant to meet the program requirements. The MDA will review applications for participation in the SBLF from CDFI Funds meeting the criteria outlined above. The MDA will make determinations on which applicants participate in the program and to what extent. If an applicant is selected, the following terms in the loan agreement between the Participant and the MDA will apply:
* The initial loan is a nine-year term.
* 1% interest.
* Interest-only.
* No repayment guarantee.
* The entity must complete two (2) or more eligible transactions per year during the length of the program.
* At least 85% of the transaction must be loans to "SEDI-owned businesses."
* No principal of the CDFI Fund has been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C. § 16911)).
* The participant will abide by all rules and regulations of the SBLF in accordance with SSBCI rules and regulations, including the eligible use of funds described in these guidelines.
While the initial term of the loan is nine (9) years, the MDA will consider applications to end the technical compliance requirements and transaction approvals once all leverage and SEDI deployment requirements have been met. However, if this is granted, the MDA will require participants to provide quarterly reporting on SSBCI-eligible lending activity throughout the MDA's compliance and reporting period to the United States Treasury.
6 Miss. Code. R. 9-5.4