TUPELO, Miss. (WTVA) -- Bancorpsouth announced an agreement with the Mississippi Development Authority to set up a $500 million business loan program.
Officials say it will help business development across the state.
Leaders with the Renasant Center for Ideas, a business incubator, praised Bancorpsouth for its effort to spur business in Mississippi.
"I think it's a great thing for small businesses and start-ups here in the area and in the state of Mississippi. One of the things that small businesses and start-ups have to deal with is finding capital to work with, finding capital to get their ideas off the ground," said Judd Wilson, the Renasant Center for Ideas director.
That sentiment was echoed by Scott Chase, owner of Chase Computer Services Incorportated, a business located at the center.
"Just having access to loans and availability would be very beneficial to our company. We're just starting out in the tech industry. So, it's very exciting to hear about that," said Chase.
The big announcement was in made in Jackson. Governor Phil Bryant, Bancorpsouth officials, and representatives with MDA were present.
The news could not have come at a better time for Chris and Connie Sadler.
The couple owns a new adult daycare facility in Saltillo.
Both say the availability of cash always helps any business.
"Just to have money to be able to take care of the bills that you're going to acquire until you get something going. Because, it usually takes a busines a little while to get started, until it produces income. During that time you've still got to pay bills," said Chris Sadler.
"I think it will be something great because I did not get a loan when I started this. Actually, we worked hard to try to have some money to start it. But if I had a loan, it would really have been great for us," said his wife Connie.
One local job developer thinks $500 million in loan money has the potential to bring more jobs as well.
"What it does is provide a framework very similar to other announcements across the southeast. A dedicated pool focused on new business development, new job development, new capital development," replied David Rumbarger of the Community Development Foundation.
Potential candidates for the loans will be identified through the Mississippi Development Authority and Bancorpsouth's community banks.