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About the Business Development Department

The Southern Mississippi Planning and Development District (SMPDD) Business Development staff operates three financing programs that enhance economic development in the 15 county region which it serves: the Economic Development Administration (EDA) Revolving Loan Fund; the Mississippi Small Business Assistance Loan Program; and the Minority Business Enterprise Loan Fund. These revolving loan funds will not finance 100% of total project costs. Leverage from financial institutions or private investors is required. The purpose of these Revolving Loan Funds is to finance new and expanding businesses that otherwise would not be able to obtain conventional financing. SMPDD does not compete with conventional financial institutions. Ability to repay, credit worthiness, collateral and other normal lending factors weigh in the loan approval process. These programs are dependent on the repayment of existing loans in order to replenish the RLF for re-lending to other qualifying businesses.

Business Loan Application Packet

The Southern Mississippi Planning and Development District's consolidated loan application has been designed to gather the information required to assess the credit needs of the applying business. SMPDD will utilize the information on the application to determine which financing program is most beneficial to the applying business.

The consolidated loan application is available in Adobe Acrobate Reader format. A print only version of the loan application is available or the loan application can be filled out in Adobe Acrobat Reader, then printed(Unfortunately the typed information can only be printed, not saved).

The original completed packet must be returned to:

SMPDD BUSINESS DEVELOPMENT DEPARTMENT
9229 HIGHWAY 49
GULFPORT, MS 39503

Economic Development Financing Guidelines

General Guidelines

SMPDD makes direct loans. SMPDD does not offer guarantees for other lending institutions.
Loans may be used for Real Estate, Fixed Assests, Working Capital, and Inventory.
The business must agree to respond to all requests from SMPDD concerning servicing activity.
All businesses must be located in the 15 county SMPDD area in order to be eligible for funding. These counties include: Covington, Forrest, George, Greene, Hancock, Harrison, Jackson, Jefferson Davis, Jones, Lamar, Marion, Pearl River, Perry, Stone, and Wayne Counties.
Personal Guarantee of the loan is required of all owners of a qualifying business.
Borrower must obtain "Key-Man" life, fire, flood, hazard, general liability and workers compensation insurance.
Borrower must agree to comply with all applicable State and Federal regulations at the time funds are dispersed.
All loans must be properly collateralized.
Anyone in default on any state or federal loan is ineligible for these loan programs.

Ineligible Projects or Project Costs

Investment Financing: Apartments, Rental Properties, Trailer Parks, etc.
Media Types: Radio Stations, TV Stations, Newspapers, Magazines, etc.
Vehicles: Airplanes or Boats
Any business which engages in lending, directly or indirectly.

EDA Revolving Loan Fund

The primary goal of the EDA Title IX Revolving Loan Fund (RLF) is to create or save jobs by making capital available for fixed and/or operating expenses. These proceeds can be used for land and building acquisitions, site improvements, machinery/equipment and operating capital. The objective of the loan program is to create new permanent full-time job opportunities, provide sufficient capital for high risk ventures, make the availability of assistance to minority and disadvantaged business owners, and continue the diversification for the business and industry sectors in the 15 county area.

To participate in this program, the business owner(s) must be U.S. citizens. The business must be a For-Profit entity, and job creation, other than the owner(s), must result from the business start-up or expansion. One job must be created for each $10,000 loaned.

Minority Business Enterprise Loan Fund

Southern Mississippi Planning and Development District administers a Minority Revolving Loan Program funded through MDA, Minority Division, specifically for socially and economically disadvantaged minority and women-owned businesses. The terms of the loans are extended and the interest rates are fixed, which in turn provides the borrower with additional operating capital throughout the life of the loan.

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