Mississippi Port Revitalization Revolving Loan
The Mississippi Port Revitalization Revolving Loan Program (Port Loan Program), administered by the Mississippi Development (MDA) is designed for making loans to state, county, or municipal port authorities (Local Sponsors) for the improvement of port facilities to promote commerce and economic growth in the State of Mississippi. Funding for loans to Local Sponsors is derived from the issuance of State bonds or notes.
Eligibility
Local Sponsors considered to be eligible applicants are state, county, and municipal ports authorized to operate in the State.
Eligible Projects
Projects which are eligible for assistance must be directly related to the port facility and are limited to construction, expansion, improvements, rehabilitation, or repair of:
- Dock and channel sites to include dredging
- Drainage systems
- Energy facilities (power generation and distribution)
- Sewer systems (pipe treatment)
- Transportation facilities directly affecting the site, including roads, sidewalks, bridges, rail lines, rivers, or pipelines
- Building
- Water supply systems (storage, treatment, and distribution)
- Marine structures
- Equipment necessary for port operation
- Land improvements
Loan funds may not be used for working capital by the port facility, or to provide facilities for utilization by a gambling vessel.
Terms: Maximum term of ten (10) years
Amount: The Maximum loan amount is $750,000 For any one project
Rate: Interest rate of 3% per annum
How To Apply For This Program
In order to obtain assistance under the Port Loan Program, a Local Sponsor must submit an application to MDA, which will forward copies of such application to members of the Water Resources Council Committee for review.
Statute
The Mississippi Port Revitalization Revolving Loan is authorized under Section 57-61-41, MS Code, Annotated.
For more information:Financial Services Division
Telephone: 601.359.3552
Fax: 601.359.3619
financial@mississippi.org