Small Business Assistance Loan Program (SBA)
The Mississippi Small Business Assistance Program, administered by Mississippi Development Authority (MDA), was established for the purpose of providing funds to Qualified Entities to establish revolving loan funds to assist in financing small businesses.
Eligibility
Qualified entities are defined as Mississippi Planning and Development Districts (PDDs), Small Business Investment Corporations, Community Development Corporations, and other similar entities.
A small business is defined as any for-profit commercial enterprise with fewer than 100 full-time employees; less than $2 Million in net worth or less than $350,000 in net annual profit, after taxes, during two of the last three years.
Eligible Businesses
- Manufacturers
- Processors
- Distributors
- Wholesalers
- Retailers
- Service Providers
| Terms: |
15 years - Land/Building
10 years - Machinery/Equipment
5 years - Working Capital
3 years - Purchase of Inventory
Collateral negotiable.
|
| Amount: |
Maximum Loan amount: 50% of project of $100,000, whichever is less. |
| Rate: |
Interest rate: 5% minimum per annum or more than 4% above Federal Reserve discount rate plus service fees. 1% closing cost plus service fees. |
To apply for this program, Small businesses should contact a Qualified Entity for additional information on Small Business Assistance Loan Programs.
Statute: Sections 57-10-507; 57-10-511, MS Code
For more information:
Financial Services Division
Phone: 601.359.3552
Fax: 601.359.3619
financial@mississippi.org