MISSISSIPPI BUSINESS INVESTMENT ACT PROGRAM

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.