Other Resources for Mississippi Small Businesses
There are additional resources small businesses in Mississippi can make use of to help them in areas that are not necessary all about finances. For example, your business may want to learn more about how to retain well-trained staff and how to network with business owners in their local area.
Mississippi Small Business Development Center
The Mississippi Small Business Development Center is an accredited member of America’s Small Business Development Center, aiding businesses in need of assistance in the state of Mississippi.
The development center has assisted small businesses affected by natural disasters, pandemics, and similar issues. In 2019 alone, the development center managed to start 207 new small businesses and created an additional 709 new jobs.
These efforts accumulated nearly $77 million in capital formation and contributed $14 million to new sales growth for the state.
How to Prepare for a Mississippi Small Business Loan
So you're ready to apply for a small business loan. After reviewing all your options, you've decided to go with a scheme that best fits your financial needs, and one that will allow your business to grow and expand without costing too much in monthly repayments.
Here's how you can prepare for a Mississippi small business loan:
1. Create a Business Plan
Banks and other financial institutions want to see your idea on paper, well-detailed and clearly explained.
Sell your business idea in the best way possible by including financial budgets, service and product offerings, business's financial statement, and by explaining how you will allocate the funds you receive in the development phases of your business.
Your business plan is one of the most crucial aspects of your loan application, as it allows those who are willing to give you money to understand why and how you’ll be operating your new business.
2. Know Your Loan
Know what type of loan you're applying for and why. Read the fine print of each loan option. This will help ensure you're aware of the ins and outs of each loan plan. You should be able to repay your loan, without struggling financially.
3. Check Your Credit Score
Check the credit score of your business. Laws vary across states, regarding the credit score you need for a certain loan. The credit score you require will also vary according to the financial institute you plan on loaning from.
4. Have Options
Make sure to have more than one option. Look for loan plans that give you peace of mind and offer the best repayment options.