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
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:
- Warehouses and distribution centers
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
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.