BancorpSouth announced the creation of the “Grow Mississippi” 2013 loan pool to help support the state’s efforts in soliciting and encouraging business expansion and job creation for Mississippi.
In announcing the initiative, BancorpSouth CEO Dan Rollins said, “This initial commitment of $500 million is being allocated for the specific purpose of funding loans to businesses and entrepreneurs seeking to locate in our state, as well as for existing businesses looking to expand operations. Additional funding will be added to the loan pool during the year if needed, depending on our success in identifying qualified candidates.”
“Attracting the best jobs to Mississippi requires teamwork,” Governor Phil Bryant said in a statement from the Governor’s office. “Ensuring that businesses have access to capital is a critical element in positioning Mississippi as the top spot for economic development, and I applaud BancorpSouth for taking a leadership role in this new effort. We look forward to working with additional partners who want to show the world that ‘Mississippi Works’ and is open for business.”
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.
Mississippi Development Authority Executive Director Brent Christensen said, in a statement from MDA headquarters in Jackson, “When the private and public sectors work together on initiatives such as BancorpSouth’s new ‘Grow Mississippi’ loan pool, the state’s growth opportunities in economic development become stronger. We are pleased to offer our full support to the ‘Grow Mississippi’ initiative, which assists with recruiting new business to Mississippi and offers valuable financial services to the state’s existing industries. MDA will work with BancorpSouth to provide the necessary resources and support to make this development initiative successful.”
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, as well as SBA and other federal loan programs.
“The objective of BancorpSouth’s loan pool initiative is not only to provide the start-up and working capital needed for businesses to grow, but it is also intended to show the confidence BancorpSouth has in Mississippi as an ideal market place for businesses to grow and prosper,” said BancorpSouth, Inc. Chairman of the Board Aubrey Patterson. As the past chairman of the Mississippi Economic Council and the Mississippi Partnership for Economic Development, Patterson is a longtime supporter of the state’s economic development efforts.
In conjunction with the creation of the loan pool and related business solicitation program for prospects, BancorpSouth will make available its full resources and state-of-the industry products and services to participating businesses. These include BancorpSouth’s nationally ranked insurance and mortgage banking lines of business, as well as treasury management, asset management and trust, corporate banking and equipment financing.
Businesses and entrepreneurs interested in learning more about the “Grow Mississippi” loan pool should contact a BancorpSouth Bank office in Mississippi, or call 1-888-797-7711 to be directed to a business lender.
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