Improve your business, Improve your community.
Small business is the heart of our communities. At BankPlus, we understand that in order for our communities to grow, the small businesses within them must grow. For this reason, we are proud to offer the BusinessPlus program, to help small business owners establish a more sound financial future.
What is BusinessPlus?:
BusinessPlus is a loan product designed to encourage small business owners to develop a stable financial future for themselves and the communities they serve.
Who it Helps:
The BusinessPlus program is designed to help small business owners in need of a loan to meet the needs of operating a successful business.
How It Helps:
- Business owners will participate in a four-hour BusinessPlus financial literacy class that will provide valuable information on running a successful business.
- Business owners will be provided training and mentoring from BankPlus officers and BusinessPlus Partners including the Jackson State University-Center for Business Development & Economic Research, The City of Jackson, Butler Snow, PLLC, Bruno & Tervalon LLP, CPA, and SBA.
- The BusinessPlus program will help bridge the gap between small business owners, BankPlus, SBA, and other resource providers. The BusinessPlus program will also help assist with available grants for small business owners when available.
How It Works:
Small business owners that wish to participate in BusinessPlus are required to attend a four-hour BusinessPlus financial literacy class conducted through the Jackson State University Center for Business Development & Economic Research. The class will cover topics on developing a business plan, handling tax responsibilities, creating a personal financial statement and managing personal credit history.
- Minimum Loan Amount is $1,000
- Maximum Loan Amount without a SBA guaranty is $25,000
- Not to exceed 60 months for loans greater than $5,000
- Not to exceed 36 months for loans less than or equal to $5,000
Loan maturity may be determined on a case by case basis as determined to be best suited for the borrowing needs of the business.
Variable rate is set to New York Prime + 4.250%. The rate is subject to change should New York Prime (NYP) change. **
- No loan origination fee
- Document Preparation Fee will be based on BankPlus fee schedule
- SBA Loan fees are applicable
All borrowers are required to complete the BusinessPlus financial literacy class.
Upon completion of the class, small business owners will receive a certificate of completion, which allows them to begin the BusinessPlus application process and establish a ValuePlus Business checking account.
For More Information about the BusinessPlus program please call 601-944-4622.
*BusinessPlus Program terms and rate are subject to change without prior notice. Certain restrictions may apply.
All loans subject to credit approval. All borrowers may not qualify.
Funds may be used for business purposes ONLY but not for personal use. Loan may not be used to purchase rental property, repairs to rental property or raw land purchase.