Loan Grant Programs
Mississippi Existing Industry Productivity Loan Program
A new program available to manufacturers that have been operating in the state for at least two years that meet minimum criteria established by the Mississippi Development Authority (MDA).
- Loans will be made to existing industries to deploy long-term fixed assets that through technology will improve productivity and competitiveness. An existing industry that accepts a loan under this loan program shall not reduce employment by more than 20%.
- The maximum amount of the loan shall not exceed 50% of the total cost of the project or $500,000, whichever is less. The rate will be the rate on the most recent issue of 20-year state general obligation bonds occurring prior to the date the loan is made.
- MDA will conduct a financial analysis on the industry requesting the loan.
Research and Development and Technology-Based Business and Industry Loan
A new program that will have minimum criteria established by MDA.
- The maximum amount of the loan shall not exceed $750,000. The rate will be the rate on the most recent issue of 20-year state general obligation bonds occurring prior to the date the loan is made.
- The company must employ at least ten (10) persons in full time positions.
- MDA will conduct a financial analysis on the business or industry requesting the loan.
Mississippi Job Protection Act
A new program that will provide for loans or grants for any at risk industry that has been operating in the state for at least three years that has lost jobs or is at-risk to lose jobs because such jobs have been outsourced. The eligible enterprise must use the loan or grant for job retention or to improve productivity and competitiveness. An at-risk industry that accepts a loan or grant cannot reduce employment by more than 20%.
- The outsourcing of jobs means to send work or jobs of a certain provider or manufacturer in the state to a provider or manufacturer located outside the boundaries of the United States.
- The maximum amount of the loan shall not exceed $800,000 and the grant shall not exceed $200,000. The total loan and grant combination shall not exceed 50% of the total cost of the project. The rate on the loan will be the rate on the most recent issue of 20-year state general obligation bonds occurring prior to the date the loan is made.
- MDA will conduct a financial analysis on the enterprise requesting the loan or grant.
Development Infrastructure Program
An existing grant program available to local governments to provide for public infrastructure assistance.