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Mississippi Small Business Grant

Mississippi Small Business Grant

The Mississippi Development Authority has received a $600,000 grant from the U.S. Small Business Administration for the State Trade Expansion Program to assist Mississippi companies interested in doing business abroad. For qualified small firms, the STEP funds will be utilized to promote trade and export development initiatives. Since 2019, Mississippi Small Business Grant has received STEP funding that has aided more than 200 businesses as they took part in state-led international business development trips, which have generated more than $77 million in actual and anticipated sales.

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What Does Mississippi Small Business Grant Offer?

MDA is now able to offer small- and medium-sized Mississippi firms interested in expanding through trade financial and technical support through STEP. The program, which run by MDA’s International Trade Office, lessens some of the financial barriers that qualified enterprises have when looking for export prospects.

A portion of the expenditures associated with participating in trade missions and other international business development activities are also partially paid by the program. It offers personalized and pre-arranged business development appointments with potential foreign qualified buyers, free translation services, and transportation help to eligible enterprises traveling abroad.

The Small Business Jobs Act of 2010 approved the STEP Grant Initiative. The 50 states, the District of Columbia, the Commonwealth of Puerto Rico. However, the Virgin Islands, Guam, and American Samoa are all qualified to apply for matching-fund grants under the law.

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Eligibility Criteria For Mississippi Small Business Grant:

The business must be a sole proprietorship, partnership, for-profit corporation, or limited liability business. If appropriate, it must be in good standing with the Mississippi Secretary of State. It should have had a commercial interruption. One or more Mississippi residents, whether they are private persons. Or Mississippi domestic corporate entities, shall own a majority position in the company.

Unless excluded under Section 27-7-29, Section 27-13-63, or other applicable provisions of law. It should have filed Mississippi taxes for the tax years 2018 or 2019, or, in the case of an eligible business founded on or after January 1, 2020, expects to file Mississippi taxes for the tax year 2020. However, it should have clients or staff who visit its physical location. Conduct business on client premises or have a business owner who actively participates in daily operations. Moreover, the number of full-time equivalents (FTE) employees should not have exceeded 50. It must actively participate in corporate operations to generate money from passive investments.