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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.
Mississippi might not be the first state that comes to mind when thinking about the best locations for entrepreneurs, but it might be a great place for you to set up shop as many other areas become prohibitively expensive. A business loan can help your company grow and succeed in Mississippi.
You can apply for loans that are partly backed by the Small Business Administration (SBA) and offered through private lenders. They are popular because they have relatively low interest rates, although the approval waiting period can be long.
A business line of credit permits your company to make purchases on credit. The balance you run up is then paid down in installments.
A term loan fits the conventional idea of a “small business loan”—you receive a lump sum of the loan upfront and then you repay the lender, plus interest and fees, over many years.
You can finance equipment, meaning you can purchase and use the needed machinery right away, and then pay for it, plus interest, in monthly installments.
With accounts receivable financing, a financier provides your business with a loan equal to the amount of money you are owed in your business’ unpaid invoices.
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.
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See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.
Once you choose a card, you can get approved in as little as 7-10 days.
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.
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.
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.
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.
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