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The program provides loans at below-market rates to qualifying organizations that are working to make alternative energy sources available.
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Mississippi
Energy Investment Loan Program
The Mississippi Development Authority, an LMOP State Partner, offers a variety of programs intended to support existing Mississippi businesses and encourage the establishment of new businesses. The Energy Investment Loan Program provides loans at below-market rates to qualifying organizations that are working to either make their energy consumption more efficient or make alternative energy sources available (e.g., landfill gas).
Job creation and the use of energy efficient practices are the goal of the Energy Investment Loan Program. Eligible industries under this program include:
- Manufacturers
- Warehouses
- Research and development facilities
- Retail
- Telecommunications
- National or regional headquarters
The program offers loans between $15,000 and $300,000 for up to seven years at a rate of three percent below the prime interest rate prevailing at the time the loan is issued. 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.
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