Eligibility Criteria

Eligibility Criteria. Eligible borrowers may include businesses that are new or existing small businesses in Mississippi with up to 500 employees and less than $10,000,000 in gross revenues or $2,500,000 in profit after taxes, or is a Mississippi nonprofit organization when the financing is used for a “business purpose.” All financial institutions must be preapproved by MDA before they are able to participate in the program. Eligible financial institutions may include: • Commercial Bank • Savings Bank • Federal Land Bank • Farm Credit Bank, Agricultural Credit Association, or other farm credit agency • Community Development Corporations • Community Development Financial Institutions Additionally, eligible loans must be used for a business purpose. This can include but is not limited to: • New business startup costs, • Working capital, • The purchase of equipment, inventory, land, buildings, and machinery, • Construction, • Remodeling or renovation, or • Tenant improvements of an eligible place of business that is not for passive real estate investment purposes