Areas Served: Forrest, Lamar and Perry County
SEMCIC, an initiative of the ADP, has approved a variety of small business loans throughout Greater Hattiesburg.
This gap financing tool, in part, is a partnership with member banks to provide non-traditional small business financing to new business start-ups or existing business expansions in the Pine Belt region.
Program Guidelines – Equity Injection is as follows: 5% for minority and micro loans, 10% for business expansions, and 20% for business start-ups.
– Ownership of the business must be at least 50-60% and owners must be at least a two-year resident of Mississippi, except for manufacturers.
– Funds may go toward the purchase or lease of land, building, equipment, inventory and working capital.
Working capital should not exceed 1/3 the amount of the total loan or $50,000, whichever is less.
– Funds can be used for fixed assets, start-up costs, interest expense during construction, and professional fees.
Minority and MS Small Business Assistance loans funds should not exceed a total loan of $250,000. – Terms: SEMCIC will finance from 3 to 15 years depending on the use of funds.
1) Inventory – 3 years; 2) Working Capital – 5 to 7 years; 3) Equipment – 10 years; 4) Land and building – 15 years.
– Interest Rates: See the SEMCIC administrator for the latest prevailing interest rates.
– Project Limitations: For Minority loans, SEMCIC’s contribution cannot exceed 25% of the project or $250,000, whichever is less, Micro loans are direct loans that are made in the amount not to exceed $35,000 and MS Small Business Assistance Program, formerly MBFC, SEMCIC’s participation cannot exceed 50% of the project with a maximum limit of $250,000.
Contact InformationSoutheast Mississippi Community Investment Corporation
Address: One Convention Center Plaza
City: Hattiesburg
State: Mississippi
Website:
http://www.theadp.com
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