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Magnolia CDC

Loans and Services

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  • MICROLOAN

    Up to $25,000

    Designed for Start-up and Existing Businesses  

     

    Eligible Uses

    Purchase of assets such as Inventory, Vehicles, and Equipment, and/or Working Capital

     

    Interest Rate & Term

    7.75%, up to 36 months (monthly P&I)

     

    Fees

    One-time loan application fee of $85

    Origination Fee of 3%

     

    Collateral

    Collateral Required.

    Loan Eligibility & Required Documents

    Business must be a for-profit enterprise and have an active registration with the Mississippi Secretary of State in Good Standing.

     

    • Driver’s License
    • Personal and Business Tax Returns
    • Business Plan
    • Personal Financial Statement
    • Balance Sheet and Income Statement

    Additional documentation may be requested.  Individuals with 20% or more ownership in the business will be required to personally guarantee the loan.

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