Small Business Loans in Mississippi
Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.
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
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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