About the Loan Division
Three Rivers Planning and Development District's Loan Division fosters economic development through the management of various small business loan programs. Three Rivers' Small Business Loan Programs are designed to provide low costs, low fixed rates, and long-term financing for eligible small businesses in our eight county region. The programs utilize a public-private partnership between commercial lenders and Three Rivers to assist small businesses with both start-up and expansion needs. The programs are designed to be beneficial to both the small business and the private sector lenders who participate. Three Rivers staff work with the private sector lender and small business to provide complete loan packaging services.
I. Advantages to the Small Business
A. Low equity injection requirements allow for 90% to 95% financing which enables a small business to preserve its working capital by keeping cash to grow the business
B. Low fixed interest rates provide for stable future occupancy cost
C. Long-term financing keeps the monthly debt service affordable and constant, no matter how the economy performs. Loan maturity is based on the useful life of assets being financed.
II. Small Business Loan Programs
A. Intermediary Relending Program (IRP) - Three Rivers makes fixed asset, inventory, and working capital loans up to $250,000.
B. Minority Business
Loan Fund (MBLF) - Three Rivers makes fixed asset, inventory, and working capital loans up to $250,000 to eligibile minority businesses.
C. Mississippi Small Business Assistance Loan Fund (MSBAP) - Three Rivers makes fixed asset, inventory, and working capital loans up to $250,000 per business. This program is the result of the Mississippi Small Business Assistance Act of 1993 and is administered by the Mississippi Development Authority.
D. Revolving Loan Fund (RLF): Three Rivers makes fixed asset, inventory, and working capital loans up to $200,000. This program requires at least one job per $20,000 of project financing.
E. U.S. Small Business Administration 504 Loan Program: Three Rivers has been designated by the Small Business Administration as a certified development company to work with small businesses and private lenders to initiate loans under the 504 Loan Program. The maximum SBA 504 loan amount is $2,000,000 ($4,000,000 for small manufacturers) with a maximum participation not to exceed 40% of the project cost. The SBA 504 Loan Program is for the purchase and use of long-term fixed assets such as land, buildings, and certain equipment. The program requires the creation or retention of at least one job per $50,000 of financing. Three Rivers does not charge the standard 1.5% processing fee and its service area includes all 82 counties in the State of Mississippi.
Please click on the links below for further information regarding Three Rivers' Small Business Loans Programs:
Small Business Loan Programs Brochure
Small Business Loan Programs Reference Guide Chart
Small Business Loan Programs PowerPoint Presentation