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The AgSTAR Program |  |
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| Energy Investment Loan Program | |
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| Eligible States | MS |
| Type | Loan |
| Area of Interest | Renewable Energy, Energy Efficiency |
| Description | Mississippi offers low-interest loans for renewable energy and energy efficiency projects. All projects must demonstrate that they will reduce a facility's energy costs, promote the development and demonstration of efficient and commercially feasible technologies and processes in the state, and must also utilize Mississippi's existing energy resources, public utilities, and/or developing resources to foster economic growth. The interest rate is 3 percent below the prime rate, with a maximum loan term of seven years. Loans range from $15,000 to $300,000. This program is supported by a revolving loan fund of $7 million, established through federal oil overcharge funds. |
| Eligible Organizations | Educational Institution, Local Government, Nonprofit, Small Business |
| How to Apply | The borrower will be responsible for providing the Mississippi Development Authority with a one percent closing/servicing fee. The loan must be secured by a lien or liens on either the facilities to be installed and/or other unencumbered business assets, personal guarantees, surety bonds, or some combination of the above. Any individual owning 20 percent or more of a business obtaining a loan under this program must offer a personal guarantee for the loan. |
| For More Information | http://www.mississippi.org/content.aspx?url=/page/3601& - loanprgm  |
| Primary Contact | Floyd D. Daniels Mississippi Development Authority Bureau Manager, Energy Division P.O. Box 849 Jackson, Mississippi 39205 (601) 359-3449 fdaniels@mississippi.org |
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