6 Miss. Code. R. 2-3.8 - When Loans are Unavailable

MBE loans are not available under the following circumstances:

A. To pay off existing debts for consolidation purposes;

B. If the direct or indirect purpose or result would be to pay off creditors of applicants who are inadequately secured or in a position to sustain a loss;

C. If the assistance would, directly or indirectly, provide or replenish funds for payment, distribution, or as a loan to owners, partners, or stockholders of the Minority Business and would not change the ownership interest of the business (does not apply to ordinary compensation for services rendered in the course of business);

D. If the loan funds would provide or free funds for speculation in any kind of property;

E. If the assistance would finance the acquisition, construction, improvement or operation of real property which is to be held primarily for sale or investment, or;

F. If the assistance would finance vehicles.

Notes

6 Miss. Code. R. 2-3.8

Miss. Code Ann. § 57-69-5 (Rev. 2008)