Small Business Loans & SBA Loans in Mississippi

Mississippi enjoys low cost of living and corporate taxes, making it attractive to entrepreneurs. A business loan can help you flourish in the Magnolia State.

Applying is free and won't impact your credit¹

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SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Local Mississippi Business Loan Options

Several organizations service loans to small businesses that set up shop in Mississippi.

Mississippi Federal Credit Union has branches throughout the Magnolia State and services a wide variety of commercial loans.

For Mississippi small businesses in rural areas (which accounts for over half the state, the USDA has special lending options, even for companies that aren’t involved in agribusiness.

The state also maintains several loan and microloan options for entrepreneurs from underserved backgrounds.

Central Mississippi Planning & Development District (CMPDD) helps small businesses in the state by offering a variety of business financing programs including SBA loans.

LiftFund is a non-profit that helps businesses located in Mississippi find financing, including SBA loans.

Renaissance Community Loan Fund offers multiple loan options including SBA loans to small businesses in Mississippi.

As one of the top ranked SBA leaders in the southeast, the Community Bank of Mississippi offers SBA loans to small businesses in the state.

BankFirst Financial Services offers multiple loan products including SBA 7(a) and SBA 504 loans to small businesses in Mississippi.

BankPlus offers several loan products to small businesses in Mississippi, including equipment loans and lines of credit.

Peoples Bank helps small businesses in the state secure financing, including SBA 7(a), SBA Express loans, and more.

As an SBA Preferred Lender, Trustmark National Bank offers SBA loans along with capital loans and lines of credit to Mississippi small businesses.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

Get started

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FAQ About Small Business Loans in Mississippi

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FAQs

What other resources are available to Mississippi small businesses?

The state government has resources for small businesses, including a guiding document for opening up in Mississippi. The Mississippi Development Authority also has a range of resources for entrepreneurs across the state, from lists of microloans to startup incubator networks. Innovate Mississippi is a great non-profit that helps inventors, startups, and other small business ventures focused on innovation and technology.

What Mississippi small business grants are available?

The Mississippi Gulf Coast Chamber of Commerce regularly offers small grants for entrepreneurs located in Mississippi. USGrants.org is a great place to check often for small business grants, especially if your Mississippi business works in childcare or wildlife management. The City of Jackson has grants available to local businesses, especially those that remain impacted by challenges that resulted from the pandemic.

What do I need to qualify for a loan in Mississippi?

Which loan is right for my Mississippi business?

Choose business financing that will support your company’s expansion goals, but also has manageable repayment terms. You can explore your many options by using Lendio’s easy-to-use and free online platform.

How can a Mississippi business loan help my business?

Because Mississippi has such a low cost of living and business tax rate, each business loan dollar can go further than it could in a more expensive state. Therefore, a commercial loan can help your company expand more in Mississippi.