Mississippi would offer low-interest loans for Gulf Coast projects

The Department of Finance and Administration and the South Mississippi Planning and Development District would administer loans for eligible Gulf Coast projects. Eligible applicants and projects are those eligible for assistance from the Gulf Coast Restoration Fund. The Legislature must approve the money and the individual projects through separate items in an appropriation bill. Applicants could receive these loans with or without assistance from the Gulf Coast Restoration Fund. Loans would be repaid with principal and interest. The program would take effect July 1, 2026, if the measure becomes effective.

The measure would create a state treasury fund for the program and allow fixed-interest loans capped at 3.5% per year. The fund would support loans to eligible applicants for eligible Gulf Coast Restoration Fund projects. Money could come from legislative appropriations, other designated sources, and loan repayments. The Legislature must appropriate money before the fund can provide loans. Repayments would return to the fund for additional loans. The district would set the interest rate, subject to the 3.5% fixed annual maximum. These fund and loan rules would apply when the measure takes effect on July 1, 2026, if enacted.

The Department of Finance and Administration would make rules, pay its program expenses from the fund, and file an annual report. Reports would go to legislative leaders, the appropriations committee chairs, and the Legislative Budget Office. Reports would cover money received and spent, department expenses, approved applicants, and project progress. Project information would include schedules, start dates, expected completion dates, milestones, and later changes to applications. The report would be due by December 1 each year after the program begins.