Eligible Borrowers

Eligible Borrowers. An eligible borrower must be either a new or existing Mississippi small business, a business locating in Mississippi, a Mississippi nonprofit entity (but only if the loan is for an eligible business purpose). Additionally, the borrower must have less than 500 employees. If the borrower is an existing business, it must have earned less than either $10,000,000 in gross revenues or less than $2,500,000 in profit after taxes in the most recent completed fiscal year. The borrower must be credit worthy and demonstrate the ability to repay the loan. They also must be in compliance with all state and federal regulatory agencies and must not be in default on any previous debt or obligation with the state or federal government.