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Minority Business Micro Loan Program

The Minority Business Micro Loan Program provides loans to socially and economically disadvantaged minority and women-owned businesses as designated by the Minority and Small Business Development Division of the Mississippi Development Authority. 

ELIGIBLE USES OF LOAN PROCEEDS INCLUDE

  • Inventory purchase
  • Working capital
  • Machinery
  • Equipment

PROGRAM FACTS

Job creation and assistance to minority and women-owned businesses are the goals of the Minority Business Micro Loan Program. Industries that may apply include:

  • Manufacturers
  • Warehouses and distribution centers
  • Retail

The following entities are responsible for making the Minority Business Micro loans in conjunction with the Mississippi Development Authority.

  • Mississippi Planning and Development Districts (PDDs)
  • Small Business Investment Corporations
  • Community Development Corporations

LOAN TERMS

Loans made under the Minority Business Micro Loan Program may be made for a maximum of seven years in amounts not to exceed a maximum of $35,000. The interest rate on these loans is 4% above the Federal Reserve Discount Rate.

For further details, see the Minority Business Enterprise Loan Program Guidelines, Minority Business Enterprise Loan Program Application, and Section 69-2-13, MS Code 1972, Annotated.