Please be aware that not all small businesses located within Mississippi such as used car dealerships, investment firms, real estate companies, or non-profits qualify. All applicants must provide the following information, signed and dated, to SBCF for the initial processing of their loan application:
A completed application must be submitted for loan consideration. This can be found in the Apply Now section of our website.
A detailed business plan which includes a narrative of the company, marketing strategy and cash flow projection must also be submitted.
Interim Financial Statements or Financial Statements for the last two years for an existing business.
Resumes of the principals are needed to help in the evaluation process.
If the initial review is favorable, client must also provide:
• Business and personal tax returns for the most recent year end
• Verification information, such as quotes and invoices
• Business and personal references
Collateral is required on all SBCF loans. The value of the collateral must equal or exceed the amount of the loan request.
How long does the loan application process take?
SBCF administers this loan program for the MS Development Authority. Applicants must meet MDA eligibility requirements.
SBCF allows applicants to explain derogatory credit. If the explanation is acceptable and all other requirements are met, the applicant can still receive a favorable recommendation.
SBCF’s technical assistance program is designed to enhance the ability of individuals and business owners to conduct business more effectively and efficiently in an effort to become self-sufficient. SBCF conducts seminars on various topics including “How to Start a Business”, “How to Develop a Business Concept Statement” in order to prepare a business plan, Personal vs. Business Credit, Pricing and Sales, “Business Financials: What You Need to Know”, Break even analysis, and much more. Sessions are beneficial to both start-ups and existing businesses. Sessions may be conducted in a one-on-one session or group session and usually free and open to the public . One day workshops are also available statewide upon request.