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 (MDA)
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 (MDA)
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, to buy, build, or renovate buildings, purchase machinery or equipment, or for working capital. Loans can be 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 (MDA)
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, and have an average of 15 or more employees within the past 36 months.
Small businesses can use the funds to buy, renovate, or expand buildings, for working capital, or to buy machinery and equipment. Forestry enterprises can 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: 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, and earn an after-tax profit of less than $350,000 in two of the last three years.
Department or Agency: Golden Triangle Planning and Development District Inc.
Loan or Grant title: The Appalachian Regional Commission Revolving Loan Program
The Appalachian Regional Commission Revolving Loan Program gives capital to businesses wanting to start or expand operations within the seven-county area served by the Golden Triangle Planning and Development District, Inc. Eligible businesses can get loans for up to 50% of their total project costs, up to $100,000. Funds can be used to purchase or renovate buildings, purchase machinery and equipment, purchase land, and cover working capital.
Department or Agency: Golden Triangle Planning and Development District Inc.
Loan or Grant title: The Economic Development Administration Revolving Loan Program
The Economic Development Administration Revolving Loan Program gives capital to businesses wanting to start or expand operations within the seven-county area served by the Golden Triangle Planning and Development District, Inc. Eligible businesses can get loans for up to 33% of their total project costs, up to $225,000. Funds can be used to purchase or renovate buildings, purchase machinery and equipment, purchase land, and cover working capital.
Department or Agency: Mississippi Development Authority (MDA)
Loan or Grant title: Capital Access Contract Loan Program
The Capital Access Contract Loan Program is designed to support businesses in Mississippi with fewer than 50 employees and businesses owned by socially or economically disadvantaged individuals (SEDI). Eligible businesses can get funding for up to 75% of a contract for a public construction project, up to $75,000.
Department or Agency: Mississippi Development Authority (MDA)
Loan or Grant title: Small Business Loan Guaranty Program
The Small Business Loan Guaranty Program supports Mississippi businesses that have struggled to obtain financing from traditional financial institutions. The minimum loan amount is $50,000, and it can be used for a range of business purposes, including building or land acquisition, renovations, equipment, and working capital. Through the program, eligible businesses can get loan guarantees of up to 50% for projects involving working capital and lines of credit and guarantees of up to 80% for loans used to finance fixed assets.
Department or Agency: Mississippi Development Authority (MDA)
Loan or Grant title: Energy Efficiency Revolving Loan Fund
The Energy Efficiency Revolving Loan Fund gives businesses low-interest loans to finance projects for energy-conserving capital improvements and installation of renewable energy technology or equipment. Funds up to $500,000 are available for commercial upgrades, including HVAC upgrades, lighting retrofits, and insulation improvements.
Department or Agency: Mississippi Development Authority (MDA) Office of Energy
Loan or Grant title: Mississippi Industrial Energy Efficiency Program (MIEEP)
The Mississippi Industrial Energy Efficiency Program (MIEEP) offers grants from $15,000 to $50,000 to Mississippi companies that want to make energy-efficient upgrades to their facilities. Eligible energy retrofits and upgrades include the purchase and installation of energy-efficient equipment and system upgrades that lower energy consumption and operating costs.
Department or Agency: Invest MS
Loan or Grant title: Equity Investments
Invest MS provides equity investments to Mississippi-based startups and venture capital funds from Pre-seed to Series A stages.