Mississippi’s existing industries are the bedrock of the state’s economy, and the Mississippi Development Authority is dedicated to supporting the state’s existing employers and helping them grow and achieve long-term competitiveness. While all of Mississippi’s business incentive programs are available to both new and existing businesses, the state offers a number of programs geared exclusively toward existing employers.
The Job Protection Grant Program provides funding to “at risk” industries in the state to assist them in retaining jobs and improving their productivity. To be eligible, a business must have operated in the state for at least three years and have lost jobs or be at risk of losing jobs because such jobs have been relocated to industries in foreign countries.
The Existing Industry Productivity Loan Program provides loans to manufacturing businesses to help them retain jobs in Mississippi and improve their productivity. Manufacturers that have operated in the state for at least two years may apply, or counties or municipalities may apply for a loan to assist a manufacturing enterprise in their area in deploying long-term fixed assets.
The Small Business and Existing Forestry Industry Loan Program (SBEFI) encourages the extension of conventional financing, along with the issuance of letters of credit by private institutions, to qualified small businesses or existing companies in the forestry industry. Through this program, the Mississippi Development Authority provides low-interest loans to qualified businesses.
The Agribusiness Enterprise (ABE) Loan Program provides loans through financial institutions to agriculture-related businesses in Mississippi to encourage job creation and the growth of the state’s agricultural industry.
The Energy Efficiency Revolving Loan Program provides loans to businesses and other eligible entities that are increasing energy efficiency in their buildings, equipment and processes.
The Minority Business Enterprise Loan Program provides loans to socially and economically disadvantaged minority and women-owned businesses as designated by the Mississippi Development Authority’s Minority and Small Business Development Division.
The Minority Business Micro Loan Program provides loans to socially and economically disadvantaged minority and women-owned businesses as designated by the Mississippi Development Authority’s Minority and Small Business Development Division.
The Capital Access Contract Loan Program assists socially and economically disadvantaged businesses by providing loans to borrowers who have contracts with public entities and who might have difficulty in obtaining conventional loans.
Existing manufacturers that have operated in Mississippi for two or more years may be eligible for an investment tax credit that can be applied to the entity’s state income tax liability. To qualify, an existing manufacturer must invest $1,000,000 or more in buildings and/or equipment used in the manufacturing operation. The investment credit is calculated as 5 percent of the eligible investment for a project.