Community Development
The mission of this division is to build an ongoing working relationship with communities within the Area Development Partnership service area of Forrest, Lamar and Perry counties, the City of Hattiesburg and the City of Petal. This enables each respective community to assess community amenities, assets, needs and plan, according to those findings, for future growth.
In the initial phase of the process, the Community Development division, along with area and business leaders, meets to determine what is most beneficial for that particular community.
The purpose of is to:
- Research available projects for communities of their size
- Develop a plan to empower an implementation of individual goals for each respective community
- Work with community leaders to develop the necessary tools to properly service and promote their area
- Solicit input by business owners and community leaders
The desire is to facilitate the building of strong, viable communities by implementing partnerships that will develop useable and achievable goals for the benefit of long-range community planning.
Southeast Mississippi Community Investment Corporation (SEMCIC)
Established in 1993 with several local participating banks and as an initiative of the ADP, Southeast Mississippi Community Investment Corporation (SEMCIC) is a non-profit Mississippi Corporation dedicated to small business development. SEMCIC’s focus is to target individuals looking to expand an existing business or start a new one, as it reaches the non-traditional business loan seekers, which ultimately supports the expansion of job opportunities for low-and-moderate income individuals.
SEMCIC has approved a wide variety of business loans which has included, but not limited to, manufacturers, retail establishments and childcare facilities throughout Forrest, Lamar and Perry counties. SEMCIC works closely with the JCJC Small Business Development Center for technical assistance in an effort to assist applicants in preparing the necessary documents for a loan request.
SEMCIC Targets Start-Up and Expanding Businesses
Individuals looking to start a new business or expand an existing one in Forrest or Lamar counties have a unique option available to help provide gap financing through the Southeast Mississippi Community Investment Corporation (SEMCIC).
Established in 1993 by participating local banks, the corporation has approved a variety of business loans throughout Forrest and Lamar Counties. This effort is part of a partnership that’s provided loans to childcare facilities, restaurants, trucking companies, retailers, tax services, and manufactures, to name a few. SEMCIC works closely with the Small Business Development Centers to assist applicants in preparing the necessary documents for a loan request.
SEMCIC Loan Criteria - Guidelines For Applicants
To qualify for a SEMCIC Loan, several conditions must be met. Following is a list of the loan criteria that provides a basic outline regarding SEMCIC loans:
Equity Injection is as follows: 5% for minority and micro loans, 10% for business expansions, and 20% for business start-ups.
Ownership of the business must be at least 50-60% and owners must be at least a two-year resident of Mississippi, except for manufacturers.
Funds may go toward the purchase or lease of land, building, equipment, inventory, and working capital.
Working capital should not exceed 1/3 the amount of the total loan or $50,000, whichever is less.Funds can be used for fixed assets, start-up costs, interest expense during construction, and professional fees. Minority and MBFC loans funds should not exceed a total loan of $250,000.
Terms: SEMCIC will finance from 3 years to 15 years depending on the use of funds. 1) Inventory - 3 years; 2) Working Capital - 5 to 7 years; 3) Equipment - 10 years; 4) Land and building - 15 years.
Interest Rates: See the SEMCIC administrator for the latest prevailing interest rates.
Project Limitations: For Minority loans, SEMCIC's contribution cannot exceed 25% of the project or $250,000, whichever is less, Micro loans are direct loans that are made in the amount not to exceed $35,000, and MBFC (Mississippi Business Finance Corporation), SEMCIC's participation cannot exceed 50% of the project with a maximum limit of $100,000.
SEMCIC does not finance:
- Creditors who are inadequately secured
- Speculative land
- Existing debt
- The acquisition, improvement or operation of real property which is to be held primarily for sale or investment
- Closing costs. These must be paid for by the loan applicant and generally are 1% of the total loan amount
See complete information about new SEMIC loan criteria here. Open the file with Adobe Acrobat Reader.
Bridging The Gap To Financial Success
Beginning the Loan Process: What the Applicant Needs
Before a loan request can be processed, a loan applicant must have the following:
- $100 non-refundable application fee to be paid to begin the loan process.
- Business plan, fully developed that includes all company financial statements, balance sheets and profit and loss statements for two years. New businesses should supply Federal Income Tax Returns for the past two years if financial statements are not available.
- Projected profit and loss statements and cash flow statements for two years.
- Credit Consent Form, which is attached to the application, and a Resume.
- Ownership breakdown, including Social Security number and residency information for each person who holds at least 20% or more of the business.
- Personal Financial Statements on each company officer.
- Appraisals for any land and/or buildings involved. Also include legal descriptions, certificate of title and deed of trust.
- Job Creation and retention must be documented. Loan recipients are required to create at least one new job, over a two year time period, for each $10,000 loaned.
- Collateral must be listed along with the current market value. SEMCIC accepts liens on machinery & equipment, furniture & fixtures, real property, inventory, personal property, and accounts receivable.
- Resolution from the company’s board of directors stating that the applicant has permission to borrow money on behalf of the company, if applicable.
For more information, please contact:
Annie McMillan
Vice-President,
Community Development
One Convention Center Plaza
Hattiesburg, MS 39401
Phone: 601.296.7512
Fax: 601.296.7505
a.mcmillan@theADP.com
www.theADP.com
Small business development and the encouragement of innovative entrepreneurship are vital to the livelihood of the Hattiesburg area. The Area Development Partnership encourages all small businesses to consider membership in our organization to take advantage of the numerous networking opportunities and growth benefits membership affords.
If you are looking to start a small business, the best place to begin is at the Jones Junior College Small Business Development Center. Helping small businesses in south central Mississippi grow and prosper is the mission of the SBDC at JCJC. The program is designed to provide assistance to individuals interested in starting a small business and with business planning, financial analysis, management, and marketing for existing business. Services are provided at little or no cost. Their service area covers ten counties in the Pine Belt region of Mississippi. These counties include Clarke, Covington, Forrest, Greene, Jefferson Davis, Jones, Lamar, Marion, Perry and Wayne.
To find out additional information or to make an appointment, call 601-477-4165 or e-mail at sbdc@jcjc.edu.
The Small Business Development Center is located at:
Jones County Junior College
Forestry and Life Science Building
900 South Court Street
Ellisville, MS 39437
University of Southern Mississippi's Business Assistance Center
The University of Southern Mississippi has established a commanding presence in economic and community development by helping hundreds of businesses in south Mississippi. In an effort to continue the legacy of assistance to the small business community Southern Miss, in cooperation with the Mississippi Development Authority, opened the Southern Miss Business Assistance Center. The Pine Belt Regional office located at 518 Main Street opened its door on February 7, 2006.
The initial goal of the Southern Miss BAC was to find unique opportunities for entrepreneurship and small business development in the wake of Katrina. To ensure we meet the needs of start-up and existing business opportunities, the Southern Miss BAC employs a staff of professionals to coordinate comprehensive business services in the counties of Forrest, Lamar, Perry, George, Stone and Pearl River.
As we seek to address the needs of small business development we find that we are filling a vital niche in the delivery of services to these businesses. The Southern Miss BAC is ideally positioned to support the need for mentorship, professional services, research and education.
It is our belief the Southern Miss Business Assistance Center will be the driving force behind developing and sustaining an entrepreneurial spirit. The Spirit that Builds, a mural at the public library, uniquely captures the history of our area. The foundation of our economic future can be enhanced by supporting a spirit of entrepreneurship in the Greater Hattiesburg Area.
Our Primary Focus
General Services-
The immediate focus of the Southern Miss BAC is to spur investment in South Mississippi through workshops and community education on tax incentives provided by the Gulf Opportunity Act of 2005.
Assisting Small Businesses-
The Southern Miss BAC is quickly becoming the one-stop shop for small business in South Mississippi. One-on-one counseling with BAC staff as well as partner agencies, workshops and business start-up seminars are available free of charge to current and aspiring entrepreneurs.
Empowering Communities-
The Southern Miss BAC works with municipalities to grow their entrepreneurial capacity. By conducting listening sessions and providing preliminary economic research, we help communities target and grow their entrepreneurial assets.
To find out additional information or to make an appointment, call 601-544-5682; southernmissBAC@bellsouth.net or visit www.usm.edu/ecodev.The Southern Miss Business Assistance Center it located at:
Southern Miss Business Assistance Center
518 Main Street
Hattiesburg, MS 39401
Pearl River Community College -Lowery A. Woodall Advanced Technology Center
www.prcc.edu/atc/index.html
Lowery A. Woodall Advanced Technology Center
The Lowery A. Woodall Advanced Technology Center strives to be the catalyst for workforce development in the Pearl River Community College District. The Center is committed to the goal of upgrading the quality of south Mississippi’s workforce to World-Class standards. The Center accomplishes this goal by providing the resources for training workers in the skills necessary to perform effectively and efficiently in the high-performance workplace of the 21st Century. The Woodall Center’s primary vehicle for accomplishing its mission to train the workforce is the partnership developed with each business, industry, educational and public service customer. These partnerships provide the framework and foundation for developing customized training projects that define training objectives and identify funding requirements. While the Woodall Center is an agency of Pearl River Community College, the Center also works closely and cooperatively with the State Board For Community And Junior Colleges in developing and executing workforce training projects.
The Woodall Center’s Industrial Maintenance Training Program addresses the principles and fundamentals of AC/DC Electricity, Basic and Advanced Electronics, Industrial Motor Controls, Basic and Advanced Fluid Power and Programmable Logic Control Systems. The program is offered to businesses and industries that require the training to sustain the skills of their maintenance technicians.
Computer Training:
The Woodall Center recognizes that computer skills are a basic necessity for functioning effectively in the workplace. Accordingly, the Center’s two state-of-the-art computer labs provide training in a variety of Microsoft computer applications, from beginner to advanced skill levels. Classes are offered on a scheduled basis for the general public and customized to meet the specific needs of business and industry customers.The ADP works closely with the Mississippi Department of Employment Security, WIN Job Center. The WIN Job Center provides training and recruitment assistance, and labor market information such as free wage and salary information for the Greater Hattiesburg Area businesses. They also operate a number of centers throughout the region where local job seekers can go to search a database of job listings, develop resumes and sharpen interviewing skills.
For more information on the Area Development Partnership and how we can serve your business needs, please contact Annie McMillan at 601-296-7500 or via email: a.mcmillan@theADP.com.
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