Tupelo-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.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info