Mississippi Energy Investment Program
The Mississippi Energy Investment Program (Energy Investment Program), administered by the Mississippi Development Authority (MDA) is designed for making loans to qualified borrowers (the Borrower) to promote development and demonstration of efficient, environmentally acceptable and commercially feasible technologies, techniques and processes while effectively utilizing the state's existing alternative and conventional energy resources to foster economic and social growth.
Eligibility
In order to obtain assistance under the Energy Investment Program, the applicant must be declared financially sound and capable of repaying the loan and must meet one of the following criteria:
- Corporation
- Partnership
- Hospitals (public and private "non-profit")
- Institutions of higher learning
- Community colleges
- Schools (public or private)
- Local government entities
Eligible Projects
Eligible projects include retrofits and energy design process developments. The improvement must promote the development and demonstration of efficient, environmentally acceptable and commercially feasible technology and processes, and must also utilize Mississippi's existing energy resources, public utilities and/or developing resources to foster economic growth.
Terms: Maximum of ten (10) years, set by MDA.
Amount: Maximum Loan amount is $300,000 per project. Borrower will provide MDA a 1% closing/servicing fee.
Rate: Rate will be 3% below New York Prime Rate and fixed rate will be set upon loan approval.
How To Apply For Program
The eligible entity must submit and application to MDA for review and approval and must include the following information. Please contact MDA for more information on application process.
Statute
The Energy Investment Program is authorized under Section 57-39-39, MS Code, Annotated.
For more information:
Financial Services Division
Telephone: 601.359.3552