Are you a business owner in Mississippi? Or, are you considering opening a business in this state? Chances are, you need funding. Check out the list below—these business loans and grants are only available to Mississippi businesses. Take a look to discover if you’re eligible.
Department or Agency: Mississippi Development Authority
Loan or Grant title: Minority Business Micro Loan Program
This program provides loans of up to $35,000 to minority-owned and women-owned businesses. Eligible business types include manufacturers, warehouses, distribution centers, and retail businesses. Loan funds can be used to purchase inventory, for working capital, and for machinery and equipment.
Department or Agency: Mississippi Development Authority
Loan or Grant title: Minority Business Enterprise (MBE) Loan Program
This program provides loans to minority-owned and women-owned businesses in the manufacturing, warehousing, distribution, and retail industries. Borrowers can use the funds to purchase land; buy, build, or renovate buildings; purchase machinery or equipment; or for working capital. Loans can go up to $250,000 or 50% of the total project cost, whichever is less. The business owner must have a net worth of less than $500,000 (not including their personal residence and equity in the business).
Department or Agency: Mississippi Development Authority
Loan or Grant title: Small Business and Existing Forestry Industry Loan Program
This program provides matching low-interest loans to qualified small businesses and companies in the forestry industry. Loans can range from $50,000 to $500,000 or 50% of the project, whichever is less. To qualify, forestry businesses must:
- Be headquartered in Mississippi
- Have operated in the state for at least two years
- Engage in the initial preparation of logs, poles, or timber for lumber production
- Have an average of 15 or more employees within the past 36 months
Small businesses can use the loan funds to buy, renovate, or expand buildings; for working capital; or to buy machinery and equipment. Forestry enterprises may use the loan funds for working capital, to buy machinery and equipment, to upgrade or improve machinery and equipment, or to buy raw materials.
Department or Agency: City of Jackson
Loan or Grant title: Small Business Relief Grant
The city will provide grants of up to $30,000 to small businesses in Jackson, Mississippi, that have been impacted by pandemic closures. To qualify, the business must have 35 or fewer full-time equivalent employees, be headquartered in Jackson, Mississippi, and meet other criteria.
Department or Agency: Golden Triangle Planning and Development District Inc.
Loan or Grant title: The Mississippi Small Business Assistance Revolving Loan Program
These loans may go up to $250,000 or 50% of the total project cost, whichever is less. Recipients can use the funds for working capital or to purchase buildings, land, machinery, and equipment. For-profit businesses may apply if they:
- Employ fewer than 100 full-time employees
- Have a net worth of less than $2 million
- Earned an after-tax profit of less than $350,000 in two of the last three years
