Finding A Business Loan In Mississippi

Mississippi is one of the economically growing states in the United States. With the recent business start-ups and business relocations to Mississippi and a lot of financing schemes, the state offers a great economic potential for the future.

Loan schemes: The following key loan programs are available in Mississippi:

Agribusiness enterprise loan program (ABE)

1) The loan is extended to the agribusinesses involved in producing, manufacturing and processing the agribusiness or related offerings.

2) The Mississippi Development Authority (MDA) administers the loan processing.

3) The loan is interest free.

4) The lender must provide full guarantees to the MDA.

5) Processing fees of one percent of the loan amount is charged by the MDA.

Eligibility: The following agribusinesses are eligible for the loan

1) Aquaculture.

2) Horticulture.

3) Agricluture.

Loan use: The loan can be used to:

1) Purchase building and equipment.

2) Leverage processing costs associated with land purchase.

Prohibited loan use: The loan cannot be used to fund:

1) Land purchase

2) Working capital

3) Pay off existing debts.

Airport loan program: Features

1) The loan is extended to the airport authorities for the construction or renovation of the airports.

2) The MDA administers the loan.

Incubator loan program: Features

The loan is granted to the local government bodies for the establishment of the business incubators in the state.

Eligibility: Only the local governments such as counties, incorporated cities and towns are eligible to apply.

Development infrastructure program: Features

The loan is extended to local counties or municipalities for small infrastructure development projects.

The MDA administers the loan processing.

Mississippi capital access loan program (MS CAP): Features

1) The loan is granted to the borrowers who are unable to get the conventional loans sanctioned.

2) The MDA administers the loan.

Research and development loan program:
The loan is extended to the private organizations aiming to conduct new research and development programs or expand the already existing research and development programs.

Eligibility: The following are available to apply for the loan:

1) Private companies involved in the research and development programs of their products and services only.

2) Technology based businesses.

Loan use: The loan can be used to purchase:

1) Property

2) Depreciable fixed assets.

Prohibited loan use: The loan cannot be used to leverage:

1) Working capital

2) Refinancing

3) Rolling stock

Rural impact fund loan program: Features

1) The loan is granted to rural communities.

2) Rural businesses are also eligible.

3) The MDA administers the loan processing.

Loan Use: The loan can be used to:

1) Construct or renovate a building.

2) Construct or renovate the sewer facilities and transportation affecting the project directly.

3) Acquire, develop and improve a property.

4) Fund a project approved by the MDA.

Mississippi is all set on the path of economic growth. Just the encouraging business trends need to continue.

Receive the booklet How to Build Business Credit by David Gass – President and Founder of Business Credit Services. It will share with you how more than 10,000 businesses across the nation have achieved over $175 million in combined financing in their business name only, all using his patent-pending system to build corporate credit separate from your personal credit.

You will also learn the first steps required to getting a business loan, lease, and other lines of credit without the use of a personal credit check or guarantee.