Areas Served: Coahoma, DeSoto, Panola, Quitman, Tallahatchie, Tate, and Tunica Counties.
The North Delta Planning and Development District offers revolving loan funds for Mississippi businesses in Coahoma, DeSoto, Panola, Quitman, Tallahatchie, Tate, and Tunica Counties.
Mississippi Small Business Assistance Loan Program The MSBAP is designed for the purpose of promoting job creation and small business development by providing low interest loans to small businesses.
To be eligible for assistance, a small business must be a commercial enterprise with fewer than 100 full time employees, less than $2 million in net worth or less than $350,000 in net annual after tax profits during two of the last three years.
As a result of the financial assistance, the business must provide evidence that it will create or retain full time jobs.
At least 60% of the small business must be owned by individuals who have been residents of Mississippi for the past two years.
Applicants must be creditworthy.
MSBAP funds may be used to finance up to 50% of the total project costs to a maximum of $250,000. Loan proceeds may be used for the start up or expansion of a small business and may be used to purchase fixed assets or inventory or to provide working capital, however, no more than one-third of the total loan proceeds may be used for working capital.
Other funding sources must be secured to cover the remaining project costs.
The applicant must have equity in the project.
No small business shall receive assistance under the program in excess of $250,000. The maximum interest rate which may be charged is 4% above the Federal Reserve Discount rate and is fixed for the life of the loan.
The terms of repayment relate to the use of proceeds, but may not exceed 15 years.
Contact InformationNorth Delta Planning and Development District
Address: PO Box 1488
City: Batesville
State: Mississippi
Website:
http://www.ndpdd.com/
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