Agribusiness Enterprise Loan Program

Mississippi Development Authority

Program Type:

Loan

Eligible Geography:

Mississippi

Summary:

The Agribusiness Enterprise Loan Program is available to provide loans through financial institutions to businesses that are related to agricultural economy of the state. Its objective is to encourage job creation and the growth of the agricultural industry.

The ABE Loan Program allows for loans in amounts up to 20 percent of total project costs or $200,000, whichever is less. Agribusinesses retrofitting operations may receive loan amounts up to 30 percent of total project costs or $200,000, whichever is less. Eligible agribusinesses that have operated in Mississippi for at least 24 months may borrow an additional $200,000 for a separate project under the same terms listed above. The maximum total amount of ABE loans that can be made to any one existing agribusiness is $400,000.

Eligible Recipients:

For-Profit Business

Eligible Recipients Detail:

Businesses must be directly related to agriculture to be eligible for the ABE Loan Program. Eligible agribusinesses include: Manufacturers; Aquaculture businesses; Horticulture businesses; Other agricultural-related industry

Eligible Purpose:

Last Mile Connectivity; Broadband Enabled Devices (General); Building Connectivity

Eligible Purpose Detail:

Loan proceeds may be used to purchase or renovate buildings or equipment.

Funding Match/Terms:

Loans may be made for a maximum of 15 years. The annual interest rate on the ABE portion of the loan is zero percent. The participating financial institution and eligible business must negotiate the non-ABE portion of the loan, including the rate.