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Magnolia CDC

Loans and Services

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  • MICROLOAN PROGRAM

    Up to $25,000

    For Early-Stage Entrepreneurs and Established Small Businesses

     

    Eligible Uses

    Working Capital, Inventory, and Equipment

     

    Interest Rate & Term

    Interest rates starting at 7.75%

    Up to 36 months (monthly P&L)

     

    Fees

    One-time loan application fee of $85

    Origination Fee of 3%

     

    Collateral

    Collateral Required. Uniform Commercial Code (UCC) filing on collateral.

    Loan Eligibility & Required Documents

    Business must be a for-profit enterprise and have an active registration with the Mississippi Secretary of State in Good Standing.

     

    1. Copy of Driver’s License (Owners & Guarantors)

    2. Personal Tax Returns (Owners & Guarantors) and Business Tax Returns – Last 2 years

    3. Personal Financial Statement (Owners & Guarantors)

    4. Year to Date Balance Sheet and Profit and Loss Statement

    5. Business Plan including 2-years projected Profit and Loss, Balance Sheet, and Cash Flow Budget (if less than 2 years in business)

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