Financial Resources
U.S. Small Business Administration (SBA)
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist, and protect the interests of small businesses, to preserve free competitive enterprise, and to maintain and strengthen the overall economy. The SBA helps Americans start, build, and grow businesses through an extensive network of field offices and partnerships with public and private organizations. For more information contact the Grenada County Economic Development District at (662) 229-9502 or visit the SBA website at http://www.sba.gov.
EXIM BANK (Export-Import Bank)
With more than 80 years of helping to finance the export of U.S. goods, primarily to emerging markets through the world, EXIM Bank financed an estimated $17 billion in U.S. export in fiscal year (FY) 2015. Small business transactions made up nearly 90% of EXIM Bank authorizations and, dollar wise, more than 40% of the export value of EXIM-supported transactions directly benefited small business. For more information on how to use the resources offered through EXIM Bank, call the Grenada County Economic Development District (GCEDD) at (662) 229-9502 or visit the EXIM Bank website at http://www.exim.gov.
The Mississippi Business Finance Corporation (MBFC)
- The Industrial Development Revenue Bond Program reduces the interest costs of financing projects for companies through the issuance of both taxable and tax-exempt bonds. Sales tax exemptions are granted for this type of public financing. Ad valorem exemptions may be granted if approved by the appropriate city and county.
- The Mississippi Small Enterprise Development Finance Program (SED) enables the Mississippi Business Finance Corporation (MBFC) to make loans to qualified private companies that will increase employment and investment in the state. The State of Mississippi issues general obligation bonds as the source of funding under the SED Program. The bonds are issued on a composite basis. The costs of issuance are prorated to each company participating in the issue, allowing companies to obtain tax exempt financing that would otherwise be unavailable because of prohibitive costs. This program provides tax-exempt financing for small projects, and gives banks in the state, which meet MBFC criteria, an opportunity to issue letters of credit to support these efforts. The combination of lower-than-market interest rates and a fixed term make this program an attractive alternative for projects requiring loans of $4 million or less. Sales tax exemptions are granted for this type of public financing. .Ad valorem exemptions may be granted if approved by the appropriate city and county.
- The Mississippi Loan Guaranty Program administered by the Mississippi Business Finance Corporation (MBFC) acting on behalf of the State of Mississippi, strengthens and builds the small business concept in the state by enabling small businesses to obtain term financing through the use of loan guarantees. As a result of the loan guarantee protection, lending institutions are more likely to provide financing not otherwise available to small businesses by substantially reducing their exposure in the event of defaults.