The Capital Improvements Revolving Loan Program is designed for making loans to counties and municipalities to finance capital improvements in Mississippi. Counties and municipalities are encouraged to use these loans in connection with state and federal programs. Funding for loans to applicants is derived from the issuance of state bonds. CAP was enacted by the State Legislature.
Eligible Projects include:
• Construction or repair of water and sewer facilities.
• Construction or repair of drainage systems for industrial development.
• Improvements in fire protection.
• Construction of new buildings for economic development.
• Renovation or repair of existing buildings for economic development purposes.
• Purchase of buildings for economic development purposes.
• Construction of any county or municipally-owned health care facilities, excluding any county health departments.
• Construction, purchase, renovation or repair of any building to be utilized as an auditorium or convention center.
• Construction of multipurpose facilities for tourism development.
• Construction or repair of access roads for industrial development.
• Construction or repair of railroad spurs for industrial development.
• Construction, repair and renovation of parks, swimming pools and recreational and athletic facilities.
• Remediation of brownfield agreement sites in accordance with Sections 49-35-1 through 47-35-25.
CAP Loan Terms:
The cumulative maximum loan amount for any eligible local unit of government during a calendar year is $1,000,000 for tax-exempt and taxable loans. The minimum loan amount allowed per project is $30,000. The maximum CAP loan indebtedness allowed per applicant is $2,500,000 outstanding principal balance.