Home > News > Mississippi Energy Investment Loan Program
Mississippi Energy Investment Loan Program
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Name |
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Mississippi Energy Investment Loan Program |
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Active |
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Funding Mechanism |
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Loan fund |
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Duration |
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1989 - present |
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Objectives |
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To provide financial assistance in the form of a loan for either capital improvements or in the design and development of innovative energy conservation processes |
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Sponsors |
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Mississippi Development Authority, Energy Division |
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Eligible Sectors |
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Individuals, partnerships and corporations |
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Eligible Projects/Technologies |
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1) Retrofit projects: heating and cooling systems, lighting fixtures, insulation, cogeneration, systems, furnaces, burners, boilers, waste recovery systems, ignition systems, automatic energy management control systems; 2) Energy efficient processes: kilns, boiler – natural gas or wood, billet ovens, optimizing saws, refrigeration systems, variable stem and hydraulic equipment |
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Fund Endowment |
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US$ 6 million |
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Terms |
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-Funding Instruments |
Loans |
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-Interest Rates |
3% below the Prime Interest rate prevailing at the time of closing |
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-Payback |
10 years |
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-Size |
Minimum loan $15,000 and Maximum loan $300,000 |
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-Collateral |
Loans are secured by a lien or liens on either the measures installed/or other unencumbered business assets, personal guarantees by the firm or organization's owner of officers, surety bonds, or a combination of these. |
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-Share of loan in project cost |
Generally 80% and sometimes 100% when creditworthiness of the borrower is high. |
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-Loan criteria |
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Comments |
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Sources |
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MDA |
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| Contact Information |
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