While Mississippi is known for magnolias and mud pie, it’s also home to many small businesses. And as many entrepreneurs know, running a company takes time, patience and, most importantly, capital. Sometimes, though, you’re just shy of the money you need.
Whether you’re a business owner looking to get through a slow month or seeking to expand, Mississippi small business loans are available to help.
Small Business Landscape in Mississippi
More than 262,000 small businesses are located in the state, according to the Small Business Administration, and they’re responsible for employing roughly 437,200 workers. Some of the most popular industries include forestry, agriculture, manufacturing, trade, transportation, utilities, education and health services.
5 Banks for Mississippi Business Loans
1. Trustmark National Bank
Trustmark National Bank has earned a positive reputation over the years. It made Forbes’ list of America’s Best Banks. It’s also earned the Better Business Bureau’s (BBB) accreditation as well as BBB’s A+ rating.
You’ll find SBA Mississippi loans here as well as the following:
- Working capital loans
- Business lines of credit
- Business credit cards
- Accounts receivable financing
- Equipment financing
- Inventory financing
- Real estate lending
2. Renasant Bank
Renasant Bank is another SBA lender in Mississippi that earned a spot on Forbes’ list of best banks as well as an A+ rating with the BBB. Additionally, WalletHub reviewers gave the bank a 4.8-star rating.
Funding options include these:
- SBA loans
- Expansion loans
- Commercial loans
- Business line of credit
- Real estate financing
- Equipment financing
- Accounts receivable financing
3. Peoples Bank
Peoples Bank has been in operation since 1908. It is A+ rated with the BBB and has earned the organization’s accreditation. What’s more, WalletHub reviewers gave this financial institution a 4.9-star rating.
Business financing available includes the following:
- Agriculture loans
- Equipment loans
- Inventory financing
- Commercial real estate loans
- Microenterprise loans (less than $35,000)
A variety of SBA loans are available as well, including:
- 7(a) loans
- Express loans
- Export Express loans
- Veterans Advantage loans
- CAPlines (credit line)
- Small Loan Advantage financing
4. Community Bank
Community Bank has earned a 4.2-star rating on SmartAssset as well as a 4.1-star rating on WalletHub. It’s also A+ rated with the BBB.
In addition to SBA Mississippi business loans, you’ll find the following here:
- Business credit cards
- Equipment financing
- Conventional business loans
- Commercial real estate loans
5. Regions Bank
This SBA lender is listed as a Best Bank in Mississippi by SmartAsset. It’s also A+ rated by the BBB. Find conventional business loans here too as well as business credit cards and lines of credit.
How to Get a Small Business Loan in Mississippi
To start the process of getting a small business loan in Mississippi, get familiar with the requirements to qualify. Also, recognize that different lenders have different requirements.
For instance, conventional lenders, such as the banks noted above, often have challenging criteria small business owners must meet, such as collateral and a high credit score. If you’re able to meet the bank’s requirements and are approved, you could receive competitive terms on your loan, but it could take some time before you receive your funding.
On the other hand, online nonbank lenders are known to have less stringent requirements thanks to a suite of alternative financing products. In some cases, funds could be available within 1 day of approval. That said, shorter terms, more frequent payment installments and higher interest rates are common.
Applying for Financing in Mississippi Through Fast Capital 360
We work with partner lenders who offer SBA loans in Mississippi as well as other financing solutions.
Take a look at how we’re different.
Speed
Our application and funding times are quick. It only takes a few minutes to get started.
Multiple Offers
Once you apply, you could have several funding offers come your way. That’s because we work with various lenders across the U.S.
Expert Guidance
Your Fast Capital 360 Business Advisor will review your offers with you. Compare options and choose the best financing solution for your business’s needs.
Get Your Business Loan Faster
Additional Resources for Entrepreneurs in Mississippi
Regardless of where you’re located in the state, here are a few additional organizations you can turn to for assistance with your entrepreneurial endeavors.
Mississippi Business Finance Corporation
The Mississippi Business Finance Corporation is another place to consider for help accessing financing in the state. Though not a lender, this organization, which has been in operation since 1985, assists eligible business owners with finding incentives and capital. Since its start, it has supported more than 800 projects.
Small Business Administration District Office
The main Mississippi SBA office is located in Jackson and serves 70 northern counties. There is also another branch in Gulfport, which serves the 12 southernmost counties in the state.
Access business counseling services, including those for women, veteran and minority entrepreneurs. Also, get help finding Mississippi small business assistance loan programs, of which the SBA offers a guaranty, minimizing the risk for partner lenders.
Small Business Development Center
Small Business Development Centers are funded in part by the SBA. Here you can access a wealth of resources specifically for entrepreneurs. Take part in business counseling, get funding assistance to participate in training programs and more.
