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Incentives

Cash Grant Combined With a Financing Program

New Market Tax Credits

  • Financing Component:
    • Projects which will have a significant economic impact and invest more than $5 million should consider this option.
    • Financing provides for interest only payments for 7 years.
    • At the end of Year 7, the principal on the note is due and is typically refinanced into a traditional loan with approximately 20% of the debt being forgiven if the project has hit its goals.
  • Cash Grant Component:
    • At the end of Year 7, if you have hit your goals, approximately 20% of the debt associated with the project is forgiven.

Cash Grants

  • State of Mississippi Payroll Rebate Cash:
    • Annual rebate of up to 4% of the previous year's payroll for up to 10 years
    • Company must pay at least 110% of the average county wage

Reduction of Overhead and Startup Costs Cash or Reduced Real Estate

  • Our goal is to use our local assets to help you offset costs for the first 3 years in operation in our area. By helping you reduce overhead and offset start-up costs of an operation, your risk is reduced and you have a stronger chance to succeed in our area. Some ways we help with this is:
    • Reduced cost of real estate
    • Subsidized real estate leases
    • Pay to move equipment
    • Subsidized utility rates
    • Etc.

No State Taxes

  • Manufacturers, processors, distributors, wholesalers, and/or R&D facilities which locate in our area receive a 10 year exemption on the following taxes with the creation of at least ten jobs:
    • No State Income Taxes
    • No State Franchise Tax
    • No State Sales/Use Tax on component materials, machinery and equipment
    • No State Property Taxes

Workforce Training Cash

Customized Training Cash

Customized workforce training is designed to meet a specific business need. It includes curriculum and material development as well as instruction. Funding is available through project agreements with the Community Colleges for Workforce Enhancement Training Fund administered by the Mississippi Community College Board. Appropriate financial documentation is required.

  • Industry-Based Training – A business may be reimbursed for up to $35 per hour of training conducted by the industry for the industry when the college does not provide the training.
  • Vendor Training – A business may be reimbursed for on-site vendor training costs at one-half of the daily cost, not to exceed $500 per day, with a 10-day limit per training area. Off-site vendor train-the-trainer costs may be reimbursed at a maximum of $500 per person for training registration. Such reimbursement may apply to no more than two (2) individuals to attend the same training area. Travel costs comply with project rules and limits. A business may be reimbursed for up to $20,000 per fiscal year for allowable, approved travel costs.
  • Train-the-Trainer – A business may be reimbursed for limited travel costs associated with training employees in a discipline not currently available through the local community college. Such reimbursement may apply to no more than two (2) individuals to attend the same training in a non-production area and no more than four (4) individuals per production training area. Travel costs comply with project rules and limits. A business may be reimbursed from $10,000 to $15,000 per fiscal year for allowable, approved costs for domestic and international travel, respectively.

On-The-Job Training Cash

Mississippi’s Workforce Investment Network (WIN) Job Centers can help offset training costs for new employees through the WIN On-the-Job Training (OJT) activity. Businesses may be reimbursed for up to half of a new employee’s wages while the employee learns the job, on the job.

OJT Participant Criteria

New employees covered by an OJT agreement must be unemployed or underemployed as determined by the WIN Job Center.

Training Rules

  • Reimbursement depends on the wages paid to new employees and the length of training.
  • The length of training is negotiated based on the skills necessary to perform the job(s) and the new employees’ existing skills.
  • Limited to no more than 50% of the total workforce or new hires.
  • The maximum length of training is limited to no more than six months or 1040 hours.
  • Businesses that relocate and lay off workers at another location may not receive an OJT for 120 days after relocating.
  • Other OJT rules and record keeping requirements can be obtained from the WIN Job Center.

The community college and/or WIN Job Center will work with the company to develop and negotiate a training and service plan and funding agreement.

Financing Programs

USDA Rural Development

Business and Industry Loan Guarantee

  • Loan guarantee up to $25 million to lenders for loans pertaining to business real estate, buildings, equipment, supplies, working capital, and debt refinancing. Lenders and borrower negotiate terms. Up to 30 years for real estate, 15 years for machinery and equipment, and 7 years for working capital.
    • Loan guarantee for up to 80% of the loan should get your company a better interest rate from the lender.
      • Guarantee is up to 80% for loans of $5 million or less
      • Guarantee is up to 70% for loans between $5 and $10 million
      • Guarantee is up to 60% for loans between $10 million and $25 million
  • Rural Business Development Loan and Grant program which is run through the local utility organization
    • The utility borrows the money for 10 years at 0% interest to create a revolving loan fund which they can lend to your project.
    • Money can be used for: Business expansion needs, fixed assets, real estate, buildings, equipment, or working capital.
    • Up to $1.3 million may be requested ($300,000 grant and $1 million loan)

SBA

  • Microloans
    • Up to $50,000 used for: working capital, inventory or supplies, furniture or fixtures, and/or machinery or equipment
      • Maximum term is six years
      • Typical rates are between 8 and 13 percent
      • Other Loans available through local banks for assistance in acquiring, operating, or expanding a business.
  • Delta Regional Authority
    • Loans/grants made to the local community to provide public infrastructure to support your project.

Mississippi Development Authority

  • Loans/grants made to the local community to provide public infrastructure to support your project.

Development Districts (Call us to learn which district you are in)

  • EDA Revolving Loan Fund
    • Direct loans to provide fixed assets or working capital
  • Minority Business Enterprise Loan Program
    • Loans to minority or women owned businesses
  • Mississippi Development Authority Small Business Assistance Program:
    • Loans to small business with:
      • Fewer than 100 employees
      • Less than $2 million net worth
      • Less than $350,000 net annual profit after tax during two of the last three years