2003 Section 108 Project Summary - Mississippi

Information by State  Print version

Economic Development

Mid-Delta Community and Individual Investment Corp.
BORROWER: LEFLORE COUNTY
STATE: MS
COMMITMENT AMOUNT: $5,000,000

Leflore County, Mississippi, will establish the Mid-Delta Community and Individual Investment Corporation (MDCIIC) with the help of $5,000,000 in Section 108 loan funds. The project will establish business loan, technical assistance and financial services program with a service area within the boundaries of the six adjoining counties. Leflore County has agreed to be the lead county for the project. Section 108 funds will be used in conjunction with a $3.5 million Economic Development Initiative (EDI) grant. The EDI funds will be granted to MDCIIC as working capital to establish a debt service/loan loss reserve required by the State of Mississippi and to pay for initial activity delivery costs of the MDCIIC. The MSCIIC will provide loans and technical assistance to business and entrepreneurs within the six county service area. Loan products available will be term loans for fixed assets, real estate or working capital, lines of credit for working capital, construction/commercial mortgages, and letters of credit. Technical assistance services available will be through entrepreneurial training seminars and courses, mentor/protégé chapters, and brokered assistance with third-party providers. Ownership of shares will be made available to community residents and all loan recipients of the MDCIIC will be required to become shareholders. The MDCIIC has selected the Enterprise Corporation of the Delta (ECD) to staff and manage its lending activities for the first two years of operation.