Magnolia CDC
Loans and Services
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Overview
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)
Technical Assistance
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Financial Counseling
Whether you are starting or growing a business, you must have a good financial foundation. Schedule time with a counselor to address areas for improvement or other financial topics tailored to your needs.
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Small Business Resources
Video library covering topics such as legal structure, preparing a business plan, licenses and permits, and much more.