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Small Business Loans in Mississippi

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10 Small Business Loans in Mississippi

Our compilation is the result of dedicated research into the small business lending landscape of Mississippi, anchored in data that can be independently confirmed. The rankings are determined by the volume of small business loans disbursed by each lender over the current year.

This means we're spotlighting the financial institutions and lenders that are truly making capital accessible to small businesses within the state.

(This diverges from many other platforms that often highlight nonprofits with limited lending activity or governmental initiatives that are not as accessible to a broad range of businesses!)

Takeaway: Small, local banks issue most of small business loans in Mississippi. Most of them offer agricultural loans.

Methodology: Our evaluation is grounded on data from SBA 7a loans, indicating every lender mentioned here provides such loans. In addition, we've detailed the variety of other small business lending options these institutions promote on their digital platforms.

Given the stringent criteria set by conventional banks, such as requiring robust credit scores and at least two years of operational history, we've initiated our guide with a pair of financing alternatives aimed at aiding small business proprietors challenged by lower credit ratings or those who are relatively new to the business world.

1. Credit Suite

Credit Suite stands out in the market of business credit guidance and software solutions, bringing forth two unique financial offerings.

Their Cash Flow Financing solution is tailored for business owners who've been in operation for a while and have modest requirements for credit scores. 

This approach allows businesses to use their ongoing cash flow as collateral for obtaining adaptable financial support. Instead of fixed monthly payments, repayment is tied to a fraction of your business's cash flow.

Moreover, their Credit Line Hybrid is aimed at providing finance based solely on the personal creditworthiness of the applicant, sidestepping the need for detailed financial documentation, bank statements, or elaborate business plans. 

This product is specifically designed for emerging startups and entrepreneurs, with available funding from $5,000 to $150,000, making it an ideal option for businesses in their nascent stages, especially those younger than two years.

Business financing options offered:

  • Credit Suite Cash Flow Financing

  • Credit Suite Credit Line Hybrid

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2. Peoples Bank

Peoples Bank is a small, local bank - but they issue more SBA loans than any other lender in Mississippi! 

Their website states that they cater to several different industry verticles, including Agriculture, Medical and Dental Professionals, Commercial Maritime Operations, Breweries and Distilleries, and Veterinary Practices.

Business financing options offered:

  • Commercial Real Estate

  • Small Business Line of Credit

  • Small Business Term Loan

  • Convenience Credit Line

  • 5 Business Credit Cards

3. Community Bank of Mississippi

Community Bank of Mississippi is second place on this list in terms of SBA loans issued. However, that’s about all that they offer in terms of business loans. Their website doesn’t say that they offer any other business financing options besides business credit cards.

Business financing options offered:

  • SBA Loans 

  • 4 business credit cards

4. BankFirst Financial Services

Like the previous two banks, BankFirst is another Mississippi-based bank. They offer a solid lineup of small business loans and have branches throughout the state.

Business financing options offered:

  • SBA Lending

  • Business Term Loans

  • Equipment Loans

  • Commercial Real Estate Loans

  • Agriculture Loans

  • Business Lines of Credit

5. Trustmark National Bank

Based in Jackson, Mississippi, Trustmark offers many different types of small business loans. Their acquisition financing is a unique financing product for the lenders on this list.

Business financing options offered:

  • SBA Loans

  • Working capital loans and lines of credit

  • Accounts receivable financing

  • Equipment Financing

  • Inventory Financing

  • Owner-occupied real estate financing

  • Acquisition financing

  • Refinancing

6. BayFirst National Bank

BayFirst National is dedicated to providing SBA loans, boasting “Lightning Fast Business Loans!” and “In-house team, quick funding” on their website. 

The bank benefits from an internal underwriting team, ensuring both swift processing and deep knowledge. This capability is particularly beneficial given that SBA loans typically have extended funding timelines.

Business financing options offered:

  • SBA Loans

  • Commercial Real Estate Loans

  • Commercial Term Loans

  • Commercial Lines of Credit

  • Construction Loans

  • Heavy Equipment Financing

7. BankPlus

BankPlus is a regional bank that offers a full deck of consumer and business products. They have a solid lineup of business loan offerings. 

Business financing options offered:

  • Seasonal Lines of Credit

  • Equipment Loans

  • Residential Real Estate Loans

  • Letters of Credit

  • Commercial Real Estate Loans

  • Agricultural Loans

8. Covington County Bank

Covington County Bank has a minimalist, old-looking website. Don’t be fooled by that, because the numbers show that they do quite a bit of small business lending.

They clearly offer several different types of agricultural loans, so they’re worth investigating if you have an agricultural business.

Business financing options offered:

  • Commercial Loans

  • Agricultural Loans

  • Livestock Loans

  • Farm Equipment Loans

  • Poultry Loans

  • Real Estate Loans

9. First Financial Bank

On their website, First Financial boasts that "ICBA named First Financial Bank as the top Ag Lender in the nation for 2023 in the $1 billion asset category". They have a variety of different agricultural loans. They're also unique in that they have two financing products for veterinarians.

Business financing options offered:

  • Business Lines of Credit

  • Business Term Loans

  • Commercial Real Estate Loans

  • SBA Loans

  • Pet Care Loans

  • Veterinary Loans

  • Poultry Farmers

  • Farm & Ranch Loans

  • Crop Production Loans

  • Pharmacy Loans

10. Wells Fargo Bank

Wells Fargo, a prominent national banking institution, is likely a familiar presence in many communities. 

Despite its size, it offers a relatively modest selection of small business financial solutions. Nonetheless, it secures its spot on this list due to the substantial volume of loans it successfully processes and disburses.

Business financing options offered:

  • SBA 7a Loans & 504 Loans

  • 2 Business Lines of Credit

  • Practice Financing

How to apply for a small business loan in Mississippi 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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