Phone Number: 1-228-868-2311
Toll Free 1-800-444-8014

Funding from these programs may be used to provide a portion of the borrowed funds for a project to start a new business or to expand an existing business. Most of the time, SMPDD will establish a partnership with a commercial bank that will provide the additional borrowed funds; however, stand-alone financing is also available.

For More information about the loan program and application process, please contact:

Ronnie Emile, Loan Program Manager -

Marvin Dickey, Special Project Manager, EO officer -

Revolving Loan Program

Funding available for start-up or existing businesses.

Funding available for job creation or retention.

Funding for real estate, machinery and equipment, inventory and working capital.

Terms: 15 years for real estate, 10 years for machinery and equipment and 5 years for inventory/working capital.

SMPDD can provide stand-alone financing or partner with banks to provide supplemental financing.

Exclusions: investment property and non-profits, refinancing and unsecured financing.

Loan amounts up to $500,000.

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Minority Business Loan Programs

Southern Mississippi Planning & Development District (SMPDD) can provide funding up to $250,000 to start-up or existing businesses that are credit worthy and also hold a Minority Business Enterprise certification provided by the Mississippi Development Authority. The purpose of this program is to loan money for real estate, machinery and equipment, inventory and working capital.

Minority Business Enterprise Loan Program

Loan amounts range from $15,000 to $250,000.

Interest rates cannot exceed 2% above Federal Discount Rate.

Terms range from 5 to 15 years depending upon use of funds and collateral.

1% origination fee that can be taken from loan proceeds.

Collateral is required (no unsecured financing).

Borrower must show 5% equity in project (cash or other tangible assets).

Exclusions: Cannot pay off existing debt or provide owner distribution; investment property.

Qualifying business- Certified prior to funding by Minority and Small Business Division of MDA; credit worthy and demonstrates ability to re-pay; Mississippi resident; in compliance with all state and federal regulatory agencies; must not be in default on any previous debt or obligation with state or federal government.

Minority Business Enterprise Micro-Loan Program

Loan amounts $2,000 to $35,000.

Interest rate is 4% above Federal Discount Rate.

Can be used to finance 100% of total project subject to 5% owner equity injection.

SBA 504 loans are a combination of traditional bank financing and SBA 504/CDC financing owners’ equity.

The maximum SBA 504 loan amount is $5,000,000 with the maximum participation not to exceed 40% of the project cost.

Once applications are packaged, they will be forwarded to TRPDD’s loan staff for underwriting, processing and approval.

This product provides an option for those businesses that may need funding in excess of the existing Revolving Loan Fund maximum loan amount of $500,000.

Community Development Loans

Using SMPDD local funds, this program is designed to provide loans to local municipalities and county governments for community development purposes. The fund is utilized only when the proposed project does not meet the guidelines of the existing Revolving Loan Fund.

The job creation requirement is lifted for the local program, but the applicant must be solvent as verified through annual audits and a specific repayment method.

The maximum loan amount is $175,000 and the project must address a community development need in the area.