Magnolia CDC
Loans and Services
-
Overview
MICROLOAN
Up to $25,000
Designed for Early-Stage Entrepreneurs and Established Small Businesses
Eligible Uses
Purchase of assets such as Inventory, Vehicles, and Equipment, and/or Working Capital
Interest Rate & Term
7.75%, up to 36 months (monthly P&I)
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.
- Driver’s License
- Personal and Business Tax Returns
- Business Plan
- Personal Financial Statement
- Balance Sheet and Income Statement
Additional documentation may be requested. Individuals with 20% or more ownership in the business will be required to personally guarantee the loan.
Technical Assistance
-
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.
-
Small Business Resources
Video library covering topics such as legal structure, preparing a business plan, licenses and permits, and much more.