SBCF offers loans to small start-up and existing businesses:
• To purchase equipment
• To purchase commercial real estate to house your business
• For working capital
• For business expansion
• Gap or interim financing
• Contract financing for companies that work with local, state or federal government agencies
SBCF does not finance:
• Weapon stores, pawn shops, dance clubs, any business without sufficient collateral
• Consumer loans
• Recent bankruptcies (Must have been discharged, not dismissed at least (two) 2 years prior to date application is submitted.
• Non-profit entities
Start-ups and Existing Business that are registered to do business in the state of Mississippi
You may qualify if you:
o Have a reasonable credit history
o Can demonstrate your ability to repay the loan through returns or cash flow projections
o Can offer acceptable collateral
o Have experience or will hire experienced management for the business
• SBCF does not offer any form of grant assistance to any business.
• Grants are very seldom offered by any entity for for-profit business ventures.
• Loan terms vary from bridge or contract loans for 90 days to real estate loans for 15 years
• Rates vary based on source of loan funds and are indexed to the U S Treasury note, and as such are subject to change. Contact a loan officer for specifics.
• Amount: $5,000 and above. For start-ups, the maximum amount borrowed is $75,000.
• The length of the loan process varies based on the type of loan applied for and when the loan officer receives all of the documentation required to process the request.
• Typically it takes 30 to 45 days to close the loan once all the information has been received.
No. An applicant must be a resident of the state of Mississippi and business must be registered or will be registered to do business in Mississippi to qualify for funding.
No. Your business does not have to be incorporated. A permitted d.b.a in the state of Mississippi is all you need regarding business formation type. Can be an LLC, Sole Proprietor, partnership, S Corporation as well.
Depending on your loan type, SBCF may require you to have a Dun & Bradstreet number to be added to your statements and financials.