WORKFORCE TRAINING

Through the issuance of State General Obligation Bonds, low interest loans are provided to counties or incorporated cities or towns to finance improvements which complement investments by private companies. To be eligible for financing under this program, a private company must invest at least $3.00 for every $1.00 it receives in state assistance and must create and maintain new jobs as required by state statute and MDA. The project to be financed must be necessary for the operation of the company, and it must be determined that other financing options are unavailable.

The minimum loan amount for a project is generally limited to $500,000 for a term of ten years of the estimated useful life of the project to be financed, whichever is greater. Rates of interest are set by MDA on a scale based on the number and quality of jobs created. Loan proceeds may be used for the acquisition, expansion, or improvement of land, buildings, and infrastructure.



AIRPORT REVITALIZATION REVOLVING LOAN PROGRAM

Funds from the issuance of state bonds provide loans to airport authorities for the construction and/or improvement of airport facilities which will be used in the promotion of Latin American trade markets, considered to be markets established with Mexico, Central America, and South America. Airport loan funds may be used for 100% project financing. The maximum loan amount for any one project is $500,000, with a maximum term of ten years and an interest rate of 4% per annum.

AGRIBUSINESS ENTERPRISE LOAN PROGRAM

Designed to encourage the extension of conventional financing by lending institutions, the Agribusiness Enterprise Loan Program provides interest-free loans to agribusinesses. An eligible agribusiness is any aquaculture; horticulture; or agriculture-related industrial, manufacturing, research and development, or processing enterprise. The maximum Agribusiness Loan is 20% of the total project cost or $200,000, whichever is less. Proceeds may be used to finance buildings and equipment and for cost associated with the purchase of land (but not to purchase land). All loans must be guaranteed by either the Farmers Home Administration, Small Business Administration, or a direct lender.

MISSISSIPPI SMALL BUSINESS ASSISTANCE PROGRAM

The Mississippi Small Business Assistance Program was established to provide funds to qualified entities to establish revolving loan funds to assist in financing small businesses. Qualified entities are defined as planning and development districts, small business investment corporations, community development corporations, and other similar entities. At least 60% of the loans made by a qualified entity must be used in connection with the expansion of existing business.

A small business is defined as any for-profit commercial enterprise with fewer than 100 full time employees; less than $2 million in net worth; or less than $350,000 in net annual profit, after taxes, during two of the last three years. A company meeting any of these criteria is eligible to seek assistance under this program. No small business shall receive funding under this program in excess of $100,000 or more than 50% of the total project cost. Maximum terms of the loans shall be fifteen years for land and buildings, ten years for equipment, five years for working capital, and three years for inventory. Interest rates cannot be less than 5% per annum or more than 2% above the rate of any bonds issued to provide Small Business Assistance funds plus servicing fees.

MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY

Unique in the nation, this program allows the State, through the issuance of its general obligation bonds, to assist local communities in meeting the development requirements inherent in large capital projects, thereby generating an investment in the quality of life in such communities. General obligation bonds in amounts up to $30 million may be used to improve transportation, education, recreation, and medical facilities within 50 miles of a project site. Certain other infrastructure needs are also eligible for financing.

Major Impact Authority projects can be new projects or expansions of existing facilities and must have a minimum initial investment of $300 million by the private sector or the United States government. Eligible projects include industrial, commercial, research and development, warehousing, distribution, transportation, processing, mining establishments, United States government projects and tourism facilities.



ECONOMIC DEVELOPMENT HIGHWAY PROGRAM

Providing up to $35 million in general obligation bonds to cover construction and improvements costs incurred while improving highways and road facilities to make business sites more accessible, the Economic Development Highway Fund is available to businesses that engage in agriculture, aquaculture, mariculture, processing, distribution, warehousing, manufacturing, research and development, air transportation maintenance facilities, large hotels and resorts, movie industry studios, and regional shopping malls. A high economic benefit project is any new private investment of $50 million or more by a company in land, buildings, or depreciable fixed assets, or an investment of at least $20 million by a company which has statewide capital investments of at least $1 billion in the aggregate.



ENERGY INVESTMENT PROGRAM

Through the Energy Investment Program, MDECD provides financial assistance to individuals, partnerships, or corporations making energy conserving capital improvements or designing and developing energy conservation processes. This program offers low interest loans of up to $200,000 with maximum terms of seven years. Each loan may be secured by a lien on the measures installed, other business assets, personal guarantees of the owners or officers, performance bonds, or a combination of these.



MISSISSIPPI BUSINESS INVESTMENT ACT PROGRAM

AIRPORT REVITALIZATION REVOLVING LOAN PROGRAM

DEVELOPMENT INFRASTRUCTURE LOAN PROGRAM

AGRIBUSINESS ENTERPRISE LOAN PROGRAM

MISSISSIPPI SMALL BUSINESS ASSISTANCE PROGRAM

MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY

ECONOMIC DEVELOPMENT HIGHWAY PROGRAM

ENERGY INVESTMENT PROGRAM