The Minority Business Enterprise 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
- Land and buildings
- Working capital
Job creation and the assistance to minority and women-owned businesses are the goals of the Minority Business Enterprise Loan Program. Industries that may apply include:
- Warehouses and distribution centers
The following entities are responsible for making the MBE loans in conjunction with the Mississippi Development Authority.
- Mississippi Planning and Development Districts (PDDs)
- Small Business Investment Corporations
- Community Development Corporation
Loans made under the Minority Business Enterprise Loan Program may be made for a maximum of seven years for working capital, ten years for machinery and equipment and fifteen years for land and buildings. The maximum loan may not exceed 50% of the total project or $250,000. The interest rate on these loans may range from 2% below to 2% 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(4), MS Code 1972, Annotated.