The program provides grants and loans to eligible local governments to secure the location or expansion of business or industry in Mississippi. The purpose of the economic development program is to secure projects which create new job opportunities for citizens of Mississippi, especially persons who are currently considered low to moderate income. The CDBG Economic Development program is divided into two (2) categories: Economic Development Public Improvements and Economic Development Loan/Lease.
The Economic Development Public Improvements Program
The program provides local governments up to $650,000 in grant assistance to make public improvements (e.g., water, sewer, storm drainage, rail spurs, access roads, etc.) necessary to secure a location or expansion by an industry. In return, the industry must commit a significant financial investment into their location or expansion in Mississippi. Additionally, the industry must commit to create new job opportunities as a result of the project, especially for low and moderate income families.
The Economic Development Loan/Lease Program
The program provides loan assistance to local governments to secure the location or expansion of business or industry in Mississippi. Like the Economic Development Public Improvements program, an industry must commit to provide a significant financial investment and create new job opportunities for the community. However, the Economic Development Loan/Lease program will provide low interest loans to construct buildings, purchase new or used fixed asset equipment, and provide working capital.