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Small Business Loans in Mississippi (2021 Update)
When it comes to starting a business, size is not everything, especially if you want to provide value for your customers. The best way to achieve this is to put yourself in the client's place. How would you like to be treated? Make relevant considerations and proactively evaluate what you should and shouldn't do to gain this valuable insight.
Stay in the front line of your business where you have direct access to your customers' opinions, attitudes, and needs. That way, you'll have a clear picture of the products your customers want and how they want them delivered. Mississippi ranks among the least entrepreneurial states in the country. If you want to take advantage of the situation and change this trend, here are a few ideas that could get you a financial boost.
Financing Your Business
Besides lots of planning, ambition, and drive, starting or expanding a business needs capital. Sufficient funding is vital for the success of any business. In Mississippi and pretty much everywhere else in the United States, entrepreneurs have several options when it comes to financing their small businesses, for instance,
Venture Capital Firms
These are companies that help small businesses expand in exchange for partial ownership of the business in terms of shares or equities. The Mississippi Angel Network is one of the largest tech venture capital firms in the state.
Credit Unions and Banks
These financial institutions will help finance your business as long as your business proposal seems sound. Banking institutions and credit unions are the most common sources of small business loans in America. Singing River Federal Credit Union and the Peoples' Bank are among the biggest CBA lenders in Mississippi.
Small Business Administration (SBA)
The Small Business Administration is an American government agency that provides financial assistance to small business owners in the United States. SBA provides small business support through capital, counseling, and contracts. SBA's primary objective is to boost the country's economy by strengthening small businesses and helping them recover from disastrous events. Entrepreneurs in Mississippi can get small business loans from the Mississippi SBA. To get access, prospective businesspersons are required to register online and connect with SBA lenders. The peoples' bank is the largest provider of SBA loans in Mississippi.
The Mississippi SCORE is a volunteer program sponsored by SBA and was established in 1964. The Mississippi SCORE offers financial help to any business. It consists of both working and retired managers and entrepreneurs. Besides financial assistance, SCORE offers other forms of business assistance including low-cost workshops and expansion advice. SCORE members take part in the program as a way of giving back to the community, and all of them have had successful careers in their fields.
Mississippi Small Business Development Centre
The Mississippi Small Business Development Centre (SBDCS) provides assistance for small businesses in the state. The US government funds SBDCS through the University of Mississippi under SBA. Both SBDCS and CBA offer small business loans in partnership with banks and leading financial institutions in Mississippi.
Banks in Mississippi That Offer Small Business Loans
For businesses in Mississippi, Below are the best banks to get a small business loan:
First Southern Bank
Founded in 1987, First Southern Bank is a state chartered bank with services and products suited to the needs of individuals and businesses. It has since been acquired by the CenterState Bank of Florida National Association in 2014.
Farmers and Merchants Bank
Farmers and Merchants Bank first opened in 1908 in Timberville, VA. However, it also has a branch in Baldwyn City.
Bank of Kilmichael
First opened in 1904, the Bank of Kilmichael is headquartered in Kilmichael, MS. It is currently headed by Mr. Berttram Mortimer as its CEO and President.
First State Bank
The First State Bank was founded in 1905 in Gainesville, Texas but has a branch in Waynesboro, Mississippi. Aside from small business loans, some of its business banking services include capital improvement and acreage purchase loans.
From its founding in 1904 in Ohio, RiverHills Bank has remained true to its community values and has grown enough to expand to Port Gibson, MS.
Peoples Bank was founded in 1920 and is based in Bellingham, WA. Despite being headquartered in another state, it remains to be highly rated in Mississippi.
Top Cities in Mississippi and Their Lenders
Mississippi is one of the most rural states in the country. The state played a major role during the Civil War. Much of the state still depends on agriculture, but there are a few cities that have managed to diversify their economies. Mississippi is an extremely affordable place to live, it could be a great spot for a business owner that is looking to start a business without spending too much money.
In this article, we’ll take a deeper look at the various cities you could potentially start a business inside of Mississippi. We’ll also provide you with a few suggestions on the best lenders in the area to work with.
Jackson is by far the largest city in the state of Mississippi. It is the economic hub of the region. The area traditionally played a role in the agriculture industry, but has since moved towards trade, food processing, and manufacturing. It’s a very affordable place to live if you’re looking for a cheap, large city to move to. Below are our favorite Jackson small business lenders:
Citizens National Bank
Citizens National Bank is our top pick for the Jackson area. They’re one of the top lenders in the entire state. They offer commercial real estate loans, SBA loans, operating lines of credit, and traditional term loans. They have a great online portal that you can use to view your financing.
Peoples Bank is one of the largest lenders in the state. They’re the top SBA provider in the Jackson area. They have multiple branches that you can use to speak with one of their on-hand specialists. They can provide term loans, lines of credit, business credit cards, and more. They also have business banking services if you need them.
As the major port in Mississippi, Gulfport benefits from the transportation and trade industries. If you’re looking to start a business close the coast, this might be a good location to consider. Below are our favorite Gulfport lenders to work with:
As with Jackson, Peoples Bank also has a large presence in Gulfport region. As one of the largest lenders in the state, they have branches you can visit in Gulfport to talk to one of their business loan specialists. If you want to work closely with a lender that has the power to take your business to the next level, we recommend Peoples Bank. They’re the state’s top SBA loan specialist.
Renaissance Community Loan Fund
Renaissance Community Loan Fund is another one of our favorite lenders in the Gulfport region. They provide business loans and financing to small business owners of minority backgrounds. If you’re looking to start a business and you fit their criteria, they offer some of the best rates available on the market!
Southaven is unique in that it is attached to the city of Memphis, which is in the state of Tennessee! This border town benefits from the economy in the larger city it neighbors. The city is an affordable place for new business owners, but certain areas are quite dangerous so you’ll need to be careful when choosing a new home! Our favorite lender in Southaven is listed below:
Patriot Financial is a large, national lender that happens to have a significant client base in the Southaven area. They’re the perfect choice if you’re looking to start a business with heavy machinery – they’re experts at equipment financing. They also have various other business loans that can help owners in almost any industry!
Hattiesburg is a small city in the state of Mississippi that is home to the University of Southern Mississippi. Like most college towns, the economy is dependent on the university in the city. If you’d like to start a business in the area, consider the lender listed below for your business financing needs:
Priority One Bank
Priority One Bank is our favorite small business lender in the city of Hattiesburg. They’ve been working hard for decades to help small business owners in the area reach their full potential. If you’re looking to work with a lender that understands the city you’re starting a business in. They’re a great choice. They’re especially well-known for creating loans with flexible terms, which can be great if you’re just starting a new company.
Oxford is the home of the University of Mississippi – the most notable university in the state. The local economy is dependent on the commerce that university students bring to the area. The city is safe and has plenty of nice, small neighborhoods to live in. If you’re thinking of starting a business in the area, use the lender we recommend below:
Oxford University Bank
Oxford University Bank is our top pick for Oxford because they have the deepest understanding of how the local economy works. They offer all types of business loans, including term loans. They have an especially good reputation for providing business lines of credit and commercial real estate loans. If you’re interested in either of these types of loans, they’re a great partner to have in Oxford.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.