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BancorpSouth sets up $500 million business loan pool for 2013

bancorpsouthTupelo-based BancorpSouth has earmarked $500 million for loans to businesses and entrepreneurs seeking to locate in our state, as well as for existing businesses looking to expand operations through a loan pool dubbed “Grow Mississippi 2013.”

In announcing the initiative, BancorpSouth CEO Dan Rollins said additional funding will be added to the loan pool during the year if needed, depending on the regional banking company’s success in identifying qualified candidates.

Potential candidates, including corporations, small businesses, and entrepreneurs, will be identified through collaborative efforts with the Mississippi Development Authority (MDA) and through BancorpSouth’s local community bank lenders across the state, the $13 billion multi-state bank said in a press statement.

Underwriting criteria for the loans will include compliance with traditional BancorpSouth loan policies, procedures and credit standards with loan structure and terms designed to take advantage of existing state and local economic development programs and incentives, including SBA and other federal loan programs.

 

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