Mississippi Job Protection Act

The Mississippi Job Protection Act, administered by the Mississippi Development Authority for the purpose of providing for loans and grants to at risk industries that has been operating in the state for at least three (3) years that has lost jobs or is at risk to lose jobs because such jobs have been outsourced.

Eligibility

At Risk Industries that has been operating in the state for at least three (3) years that has lost jobs or is at risk of losing jobs because of outsourcing.

Key Points

• "Outsource" means to send out work or jobs of a certain provider or manufacturer of the State of Mississippi to an overseas provider or manufacturer or a provider or manufacturer located outside the boundaries of the United States or any territory of the United States. 
• The eligible enterprise must use the loan or loan/grant program for job retention or to improve productivity and competitiveness. An at-risk industry that accepts a loan or loan/grant cannot reduce employment by more than 20%.

Terms:         Set by Financial Institution.
Amount:       Maximum Loan amount: $750,000, Maximum Grant amount: $200,000.  Grant must be used in conjunction with a loan.
Rate:            Rate for most recent issue of 20-year state general obligation bonds occurring prior to the date the loan is made.

How To Apply For Program

An enterprise desiring a loan or loan/grant under this section should contact MDA for more information on this program.

Statute

The Mississippi Job Protection Act is authorized under Section 57-95-1 MS Code, Annotated.

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For more information contact: 
Financial Services Division
Telephone: 601.359.3552
Fax: 601.359.3619
financial@mississippi.org