(1) As used in this section:
(a) “Act” means the State Small Business Credit Initiative Act of 2010 (Public Law 111-240).
(b) “State program” has the meaning ascribed to such term in the State Small Business Credit Initiative Act of 2010 (Public Law 111-240).
(c) “MDA” means the Mississippi Development Authority.
(2) The MDA is designated as the agency to implement a state program and participate in the State Small Business Credit Initiative established under the act.
(3) The MDA is authorized and empowered to take any action necessary to establish and implement a state program that meets all the requirements of the act.
(4) The MDA is authorized and empowered to administer funds transferred to the state under the act.
(5) The Executive Director of MDA is authorized and empowered to promulgate and put into effect all reasonable rules and regulations that he may deem necessary to carry out the provisions of this section and comply with the act.
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