Mississippi small business lenders offer competitive loans for many types of companies in the state.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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Mississippi is known as The Magnolia State and sits along the Mississippi River and the Gulf of Mexico. Its location makes it a popular location for those looking to enjoy fishing and beaches on the Gulf Coast. The state is also one of the most affordable, with a low cost of living. For those that live here, there are many things the area is known for, from the subtropical climate that creates enjoyable temperatures throughout the year to the lowland plains and bayous. The state has over 2.9 million people living in it, with Jackson being the largest city. It is the home of The Blues and is recognized for its cactus plantations.
When you consider the economy of Mississippi, it’s easy to see just how diverse this area is. The state’s economy relies heavily on manufacturing, tourism, and seafaring. It also has a large agricultural sector, including the development of cotton. Large companies, including Nissan, call the state home. The state is also home to 270,534 small businesses, according to data from the U.S. Small Business Administration. Those companies are vital to the overall success and support of the local population contributing 449,099 jobs to the industry with a payroll of over $15,660,336. Many of those small businesses operate in the service sector, while others are a part of the farms, entertainment sector, and food services.
To operate, it is not uncommon for a business to need capital. Mississippi small business lenders are readily available and offer a wide range of loan types to meet the needs of companies in the state. The U.S. Small Business Administration’s most recent data shows that there are 885 small business loans active in the state according to the most recent three year data. Those loans have a combined value of $471,594,455, with an average loan size of $532,875. The funds from these types of loans can be used for many things, including the growth of the companies and the creation of new jobs to further support the state.
A small business loan is a financial investment that lenders make in companies that typically have under 100 employees. Mississippi small business lenders include big banks, smaller financial institutions, and private lenders. These organizations provide capital to qualified businesses that can then be used to meet their business growth and development needs. The borrower agrees to repay the loan to the lender with interest, which makes these loans profitable for them while still allowing the funds to be affordable for the business owners.
Lenders take on risk when providing these loans. That is one of the reasons why they charge interest. Yet, they also often have very specific qualifications they require of all small businesses they lend to, though those qualifications can differ significantly from one lender to the next. It is very common for Mississippi small business lenders to require companies to provide an updated business plan that outlines the company’s organizational structure, financial health, ownership, and products. It will also provide insight into the company’s ability to generate revenue.
This information, along with the credit qualifications for the borrowers, will be used to help determine if the lender can provide a loan to the company. They may offer more than one type of loan as well. Some examples of available loans include term loans, in place for a set number of years with a set monthly payment, business lines of credit that borrowers can use and pay back over and over again, and equipment financing for the purchase of various types of business-related equipment. Typical loans you may find in Mississippi include:
Most small businesses will tap into business loans from time to time. Interest rates are often very competitive and based on the qualifications of the borrower as well as the company’s needs. Even if a company does not have a long history, there could be loans available to help cover its financial needs. Borrowers need to take into consideration the affordability of each loan, including whether or not they have the financial means to make payment on time. Not all of these loans are based on collateral though some are, which could put business assets at risk of the borrower defaults.
If you meet any of the special requirements for that funding, leverage it. Whether you need help with commercial real estate, buying new equipment, or just expanding your operations, there are many possibilities with small business loans. Once you’ve passed the startup phase and you have tax returns showing your company’s growth and profit and loss statements, you may be able to take out a loan.
In the state of Mississippi, there are many financing options available for entrepreneurs. There are plenty of resources as well, such as the Mississippi Development Authority, local development centers, business services for minority-owned companies, and grant assistance for non-profit organizations.
For most company owners, however, their business needs are large in scale and they need more from business financing than what is available through grants or what could be put on credit cards. If this applies to you, check out your eligibility for microloans or small business loans.
Businesses that need loans may wish to compare a range of lenders to find the best one for their needs. This should take into consideration things like the lender’s availability, costs, and benefits.
| Rank | Bank Name | # of Mississippi Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Peoples Bank | 92 | 5.65% | $406,655 |
| 2 | Community Bank of Mississippi | 51 | 4.89% | $381,984 |
| 3 | BankFirst Financial Services | 42 | 4.92% | $708,036 |
| 4 | Trustmark National Bank | 40 | 4.33% | $296,408 |
| 5 | BankPlus | 15 | 4.43% | $684,127 |
| 6 | First Financial Bank | 11 | 5.13% | $292,000 |
| 7 | Renasant Bank | 11 | 4.29% | $1,394,154 |
| 8 | Wells Fargo Bank | 9 | 7.70% | $94,644 |
| 9 | Cadence Bank | 8 | 5.22% | $467,938 |
| 10 | Live Oak Banking Company | 8 | 5.09% | $944,588 |
Opening in January 1921 in Lynden, Washington, Peoples State bank began to serve its community. Now known as Peoples Bank and with over 100 years in service and $2.6 billion in assets, it is able to meet the needs of all of its customers from its 9 locations.
We reached out to Peoples Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
With over 115 years of experience, the Community Bank of Mississippi has the ability to provide for its customers’ needs with over $4.7 billion in assets and 54 offices. The Community Bank of Mississippi has many products and tools available to its customers, including loans, mortgages, and wealth management.
We reached out to Community Bank of Mississippi to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Started in 1888, BankFirst Financial Services was based in Mississippi, now based out of Columbus, Mississippi, they currently have 30 branches to provide services. BankFirst Financial Services offers a number of products for both personal and business banking, as well as loans to help customers achieve financial goals.
We reached out to BankFirst Financial Services to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Started in 1889 in Jackson, Mississippi, Trustmark National Bank has been serving banking customers for over 130 years. Now with over 180 locations in Mississippi, Texas, Florida, Tennessee, and Alabama, Trustmark National Bank offers all types of personal and business loans and banking products to meet customers’ needs.
We reached out to Trustmark National Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
BankPlus is a privately held community bank with over 100 years of service in Alabama, Mississippi, Florida, and Louisiana. BankPlus offers a number of tools and services to meet the needs of its customers, including small business loans, wealth products, and personal and business accounts.
We reached out to BankPlus to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Mississippi small business owners have a wide range of resources available to them. Owners and managers can tap into these free resources to get guidance and support for just about any concern they may have.
The Small Business Administration in Mississippi is a solid first step. This organization offers a lot of educational programs and business guidelines online that can be used to help support growth and development. There is no cost to using this information, and it is very accurate and transparent.
Another organization offering support for new and growing companies is SCORE. It is designed to allow business owners to work with successful business experts to get guidance on building their companies. There is no cost to using this service. SCORE has a main office in Jackson, MS, but there are a lot of workshops and training guides online as well.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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