Best Small Business Loans in Mississippi 2023: Finest Selection

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Best Small Business Loans in Mississippi

In 2023, the landscape for small business loans in Mississippi is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Mississippi LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Mississippi. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Mississippi. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Mississippi banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Mississippi

We will discuss Mississippi’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Mississippi. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Mississippi LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

Which banks are considered the best for small business banking in Mississippi?
The best banks for small business banking in Mississippi include Trustmark National Bank, Renasant Bank, and BancorpSouth.
What kind of loans do these banks offer for small businesses in Mississippi?
These banks offer traditional term loans, lines of credit, and Small Business Administration (SBA) loans.
What makes these banks stand out from other banks in Mississippi?
These banks have a reputation for excellent customer service, competitive rates and fees, and a strong understanding of the needs of small businesses.
Are these banks only located in large metropolitan areas in Mississippi?
No, these banks have branches throughout Mississippi, serving customers in both rural and urban areas.
What is online banking like with these banks for small businesses in Mississippi?
These banks offer convenient online banking with features such as mobile check deposit and bill pay, making it easy for small business owners to manage their finances while on the go.
Are there any special incentives or programs for small businesses offered by these banks in Mississippi?
Yes, many of these banks offer programs and perks specifically designed for small businesses, such as tailored loans and cash management services.
Can small businesses in Mississippi set up a merchant services account with these banks?
Yes, many of these banks offer merchant services accounts, allowing small businesses to accept and process online payments, debit/credit cards, and mobile payments.
Do these banks offer business credit cards in Mississippi?
Yes, these banks offer business credit cards with rewards programs and customizable limits designed to meet the needs of small businesses in Mississippi.
Will these banks allow Mississippi small businesses to open multiple accounts?
Yes, these banks can assist small businesses in opening multiple accounts for various financial needs, such as savings, checking, and money market accounts.
What requirements are needed to apply for a small business loan in Mississippi through these banks?
The requirements vary for each bank and type of loan, but generally, small businesses will need to provide documentation such as financial statements, tax returns, and a business plan.
How can small businesses in Mississippi find out more about the products and services offered by these banks?
Small businesses can visit the banks’ websites, schedule an appointment at a branch location, or call the banks’ customer service line.
Are there any fees associated with opening and maintaining an account for small businesses in Mississippi?
Yes, there may be fees associated with opening and maintaining accounts, but these fees may be waived or reduced if certain criteria are met, such as maintaining a minimum balance.
Do these banks offer online tools for customers to manage their accounts and finances?
Yes, these banks offer online tools such as account alerts, spending trackers, and budgeting tools to help small business owners manage their finances efficiently.
Can small businesses in Mississippi use these banks as a source for cash management services?
Yes, these banks offer data and reporting tools, cash flow management solutions, and automated tracking of inflows and outflows to help small businesses manage their cash flow effectively.
Are there any options for refinancing debt through these banks for Mississippi small businesses?
Yes, refinancing options are available for small businesses with existing debt, as well as options for debt consolidation and restructuring.
What hours are the banks open in Mississippi for small business banking services?
The hours vary by location and bank, but generally, these banks offer standard banking hours with some offering extended or weekend hours.
How quickly can small businesses in Mississippi receive a response regarding their loan applications?
The timing of the response varies by bank and type of loan but generally ranges from a few days to several weeks.
Are these banks a good choice for startup small businesses in Mississippi?
Yes, many of these banks have specific programs and loan options designed for startups in Mississippi.
How strict are these banks when it comes to credit requirements for small business loan applications?
The credit requirements vary by bank and loan type, but generally, good credit is a requirement for obtaining a loan.
How can Mississippi small businesses protect their accounts against fraud and cyberattacks with these banks?
These banks offer various fraud alert tools and alerts, as well as cybersecurity measures that help protect your account and identity from fraudulent activity and cyberattacks.
Can Mississippi small businesses access mobile banking services with these banks?
Yes, all banks on this list offer mobile banking services, allowing small business owners in Mississippi to manage their finances and accounts from anywhere.
What is the process for applying for an SBA loan through these banks in Mississippi?
The process can vary slightly, but small businesses generally need to provide documentation such as a business plan, financial statements, and tax returns, as well as submitting the required forms to the SBA.
Can small businesses in Mississippi access online loan applications through these banks?
Yes, many of these banks offer online loan applications for small businesses to apply remotely and conveniently in Mississippi.
Is there a limit to how much money small businesses can borrow through these banks in Mississippi?
Yes, the loan limits and amounts vary based on the type of loan, borrower’s financials, and other factors.
Are there any new products offering remote access to accounts for business owners at these banks in Mississippi?
Yes, banks have begun to offer more remote banking options for small business owners in Mississippi, such as introducing video banking, online being/bill pay, mobile check deposit, chatbot assistant lenders, web-based commercial lending platform among other things
Do small businesses have to visit a physical branch to open an account with these banks in Mississippi?
No, they don’t. Small businesses in Mississippi can open an account online through the website or through mobile banking.
What is the availability for customer service and virtual support these banks provide for small businesses in Mississippi?
Majority of these banks on the list offer customers next-day or same-day callbacks to resolve any issue. They provide online chat support, or virtual advisors in app to manage accounts.
What are some of the best small business banks in Mississippi?
Some of the best small business banks in Mississippi include BancorpSouth, Trustmark, and Renasant Bank.
What makes BancorpSouth a good choice for small business banking in Mississippi?
BancorpSouth has a long history of serving the Mississippi area, and offers a variety of small business banking services such as business checking and savings, credit cards, and loans.
What services does Trustmark offer to small businesses in Mississippi?
Trustmark offers small businesses in Mississippi access to a variety of services including checking and savings accounts, loans, lines of credit, and cash management.
Is Renasant Bank a good option for small business banking in Mississippi?
Yes, Renasant Bank offers several small business banking solutions including checking and savings accounts, online banking, and SBA loans.
Are there any community bank options in Mississippi for small businesses?
Yes, there are many community banks in Mississippi that cater to small businesses. Examples include Community Bank of Mississippi, State Bank & Trust, and Hancock Whitney Bank.
Why would a small business choose to bank with a community bank as opposed to a larger bank?
Community banks often prioritize building relationships with local businesses, and may offer more personalized service and community involvement.
Are there any credit unions in Mississippi that offer small business banking?
Yes, Keesler Federal Credit Union offers business accounts and loans to its members in Mississippi.
Can a small business owner apply for an SBA loan through a bank in Mississippi?
Yes, most small business banks in Mississippi offer SBA loans and can assist with the application process.
How can a small business owner choose the right bank for their needs?
Research banks that offer small business banking services, compare fees and rates, and read reviews from other small business owners.
What documents are typically required for a small business bank account in Mississippi?
Documentation requirements may vary, but most banks will require identification, proof of business registration, and tax ID information.
What is the minimum balance requirement for a small business bank account in Mississippi?
Minimum balance requirements will vary depending on the bank and account type, but many banks in Mississippi have no minimum balance requirements.
Does BancorpSouth offer mobile banking for small businesses in Mississippi?
Yes, BancorpSouth offers a mobile banking app with features such as mobile check deposit and account management, available for both iOS and Android.
What makes a small business loan from Renasant Bank different from loans offered by other banks?
Renasant Bank offers small business loans tailored to the specific needs of small businesses with unique-sized financing options and flexible terms.
Is there an online application process for small business loans in Mississippi?
Yes, many banks in Mississippi offer online application processes for small business loans.
What benefits does a small business credit card from Trustmark offer?
Trustmark’s small business credit cards offer options such as cash back, reward points, and free employee cards.
How can a small business improve their chances of being approved for a loan with Keesler Federal Credit Union?
Establishing a positive banking relationship and taking steps to improve business credit and financials can increase a small business’ chance of approval.
Are there any online-only banking options for small businesses in Mississippi?
Yes, Azlo and BlueVine offer online-only banking options for small businesses, with features such as no-fee checking accounts and business loans.
Does Community Bank of Mississippi have any specialized small business banking services?
Yes, Community Bank of Mississippi offers specialized services such as merchant services, remote deposit capture, and digital banking.
Does State Bank & Trust provide any educational resources for small business owners?
Yes, State Bank & Trust offers financial literacy tools and resources, as well as consulting and mentorship programs.
What sets Citizen’s Bank apart from other small business banks in Mississippi?
Citizen’s Bank offers personalized attention and customized solutions for small businesses, with a commitment to community investment and involvement.
Can small business owners access accounts remotely with Hancock Whitney Bank?
Yes, Hancock Whitney Bank offers online and mobile banking options, as well as remote deposit capture.
In what ways does United Community Bank support small businesses in Mississippi?
United Community Bank offers business accounts, lending options, and specialized services such as escrow accounts and hardship assistance.
What fees should small business owners be aware of when choosing a bank in Mississippi?
Fees for services such as wire transfers, overdrafts, and account maintenance fees may vary depending on the bank, and should be closely considered and compared.
Are there any free checking account options for small businesses in Mississippi?
Yes, many banks in Mississippi offer free business checking or waiving fees with regular use of the account.
Are there any grants or loan programs specifically for small businesses located in rural areas of Mississippi?
Yes, the USDA offers rural business development grant and loan programs specifically for small businesses located in rural areas.
Can small businesses access equipment financing through Mississippi banks?
Yes, many banks in Mississippi offer equipment financing and leasing options for small businesses.
Can small businesses access lines of credit to help with cash flow?
Yes, most banks in Mississippi offer lines of credit to small businesses that can be used for day-to-day expenses or unexpected emergencies.
Does the Small Business Administration have a presence in Mississippi?
Yes, the SBA has field offices in Mississippi, including in Jackson and Gulfport, and offers resources and assistance for small businesses in the state.
How can small business owners connect with other business owners for networking and support in Mississippi?
Organizations such as the Mississippi Small Business Administration, the Mississippi Development Authority, and local chambers of commerce may offer networking events and resources.

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Conclusion

As Mississippi, also known as The Magnolia State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Mississippi economy.

When looking for the best small business loans in Mississippi, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Mississippi LLC or growing your existing LLC in Mississippi, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Mississippi.

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