The Freight Rail Service (RAIL) Revolving Loan Program provides loans to municipalities and counties for freight rail service projects. The goal of the Freight Rail Service Revolving Loan Program is to promote commerce and economic growth in the state of Mississippi through increased rail usage and productivity.
Eligible Freight Service Projects
Increased rail usage and productivity is the goal of the Freight Rail Service Revolving Loan Program. County and municipal governmental authorities in Mississippi may apply for loans under this program.
Loans made under the Freight Rail Service Revolving Loan Program may be made for a maximum of fifteen years, in amounts not to exceed $1,000,000 per project per calendar year. The annual interest rate on these loans is 1% below the Federal Reserve Discount Rate at the time of loan approval.
For further details, see Section 57-44-1, MS Code 1972, Annotated.