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Mississippi Business Finance Corporation (MBFC)


Mississippi Business Finance Corporatrion (MBFC)

 

The Mississippi Business Finance Corporation (MBFC) administers a variety of finance programs designed to assist businesses in locating or expanding in the state.  MBFC works with other public entities and the private sector to coordinate efforts to stimulate both commercial and industrial development.   The primary financing tool used is industrial revenue bonds.

Eligible uses of industrial revenue bond proceeds include construction, expansion, and improvements of:
•    Machinery
•    Equipment
•    Real property

Program Facts

Typical industries that are eligible under this program include:
•    Manufacturers
•    Warehouses and distribution centers
•    Research and development facilities
•    Telecommunications and data processing facilities
•    National or regional headquarters

Loan Terms

MBFC’s primary financing tool is the Industrial Development Revenue Bond Program (IRB).  An IRB reduces the interest costs of financing projects for companies through the issuance of both taxable and tax-exempt bonds. Additionally, ad valorem and sales tax exemptions in Mississippi may be granted in conjunction with this type of public financing.

The bonds must be secured by an irrevocable, direct-pay letter of credit or other credit enhancement acceptable to MBFC.  The proceeds of a bond issue may also be used for capitalized interest, reserve funds, and a limited amount of the cost of issuance in accordance with provisions of the Internal Revenue Code.

Although there is no restriction on the amount of taxable debt that may be incurred, there is a $10 million cap on tax-exempt financing, unless the project is located in a Gulf Opportunity Zone county and an allocation has been obtained. The maximum term of a bond issue will be equal to 120% of the average life of the financed assets or thirty years, whichever is less. The bond purchaser will determine the interest rate. The borrower will pay the costs of issuance and any other applicable fees.

To request assistance, contact the Mississippi Business Finance Corporation at www.msbusinessfinance.com or (601) 355-6232, or MDA’s Financial Resources Division at financial@mississippi.orgor (601)359-3552.

  

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September 8, 2017
Baptist Memorial Health Care opening a 250 employee business office in downtown Jackson

Baptist Memorial Health Care announced Thursday plans to establish a regional business office in the Regions Plaza building in downtown Jackson.

Baptist will lease four floors at 210 E. Capitol St. occupying a total of 41,000 square feet of space that will house 250 employees.
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July 19, 2017
Multicraft International celebrates New Division Opening - Creates 50 Jobs

Officials from Multicraft International, state and local leaders recently celebrated the grand opening of the company's new division, Multicraft Ventures, LLC, in Pelahatchie. The project is a $2 million corporate investment and creates 50 jobs.

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July 17, 2017
Global Automotive Supplier Calsonic Kansei Expands in Madison

Gov. Phil Bryant and officials from global automotive supplier Calsonic Kansei announced the company’s expansion in Madison. The $16.33 million corporate investment creates 98 new jobs.

“Mississippi’s outstanding reputation in the automotive industry is known worldwide,” Gov. Bryant said. “Calsonic Kansei’s addition of so many new jobs in Madison once again puts our state on the global stage. The expansion proves we have the workforce and business climate to ensure industry leaders like Calsonic enjoy years of success in Mississippi.”
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