Neshoba County offers valuable services and opportunities for new and expanding businesses:
The Partnership coordinates between local governments and industries to expedite infrastructure improvements, zoning issues, and access to utilities and other services.
The county provides incentives tailored to specific project needs, including tax abatements on real and personal property.
The Neshoba County Business Enterprise Center provides affordable space, shared equipment and services, and mentoring for young and start-up businesses.
State Financing & Tax Credits
The Partnership helps businesses and industries identify and qualify for a multitude of incentive programs offered by the State of Mississippi. Here are some examples:
Jobs Tax Credit
In Mississippi, companies receive a corporate income tax credit for creating jobs. These credits are equal to a percentage of payroll for each newly created job. Companies can either use the Jobs Tax Credit, which ranges from 2.5 percent to 10 percent of payroll for each newly created job, or they can opt to monetize that credit in the form of a Job Training Grant to directly reduce their workforce training costs.
Industrial Property Tax Exemption
Provides up to a 10-year exemption from property taxes for eligible industries.
Energy Efficiency Revolving Loan Program
The Energy Efficiency Revolving Loan Program provides loans to businesses and other eligible entities that are increasing energy efficiency in their buildings, equipment and processes.
Capital Improvements Revolving Loan Program (CAP)
Provides loans to municipalities and counties for public facilities and infrastructure to assist with business relocation or expansion. Loans may not exceed $1 million per project. Loans may be for a maximum of 20 years; the annual interest rate is 3% for taxable activities and 2% for tax-exempt activities.
Community Development Block Grant Program
Provides grants to municipalities or counties for infrastructure improvements to assist with the relocation or expansion of businesses. The maximum grant amount per project is $650,000.
Mississippi Business Investment Act Loan Program (MBIA)
Provides funding for public infrastructure to municipalities and counties to assist with business relocation or expansion. Eligible projects can receive a loan for up to $15,000 per job created by the eligible business and is matched by $1 of state money to $3 of private investment by the eligible business. Loans can be for a maximum of 10 years.
Economic Development Highway Program (EDH)
Provides grants to municipalities and counties for publicly owned roads and must be used in conjunction with the relocation, expansion, or construction of industry.
Visit Mississippi Development Authority for more detailed information on incentives and tax credits.
Other State Resources
The Financial Resources Division of the Mississippi Development Authority assists with applications for grants and loans for industrial development and expansion.
The nonprofit Mississippi Business Finance Corporation (MBFC) works with the MDA and other public and private organizations to help industries seeking to locate in the state or expand their operations. Using MBFC data, companies can review all financial programs through one source. Programs offered include: