Minority Business Enterprise Loan Program

Minority Business Enterprise Loan Program

Funder: Southern Mississippi Planning and Development District (SMPDD)

Overview: SMPDD provides funding to start-up or existing businesses that hold a Minority Business Enterprise certification. The program is designed to support credit-worthy minority-owned businesses.

Eligible Uses

• Real estate
• Machinery and equipment
• Inventory
• Working capital

Loan Terms

• Loan amounts: $15,000 to $250,000
• Interest rates: Cannot exceed 2% above Federal Discount Rate
• Terms: 5 to 15 years depending upon use of funds and collateral
• Origination fee: 1% (can be taken from loan proceeds)

Eligibility Requirements

• Certification: Certified as Minority Business Enterprise by Mississippi Development Authority's Minority and Small Business Division prior to funding
• Financial: Credit worthy with demonstrated ability to repay
• Residency: Mississippi resident
• Compliance: In compliance with all state and federal regulatory agencies
• Credit history: Must not be in default on any previous debt or obligation with state or federal government
• Equity: Must show 5% equity in project (cash or other tangible assets)

Collateral

• Collateral is required
• No unsecured financing

Exclusions

• Cannot pay off existing debt
• Cannot provide owner distribution
• Investment property

Geographic Scope

Southern Mississippi region

Contact Information

• Ronnie Emile, Loan Program Manager: remile@smpdd.com
• Marvin Dickey, Special Project Manager, EO Officer: mdickey@smpdd.com
• Phone: 1-228-868-2311 or 1-800-444-8014