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Hinds County Resiliency and Recovery Program

HOPE knows running a successful business isn’t easy. As companies start and grow, they all face challenges, and the last several years have made those struggles even more daunting.

To address those obstacles and give locally owned companies the right tools to succeed, The Hinds County Board of Supervisors, in partnership with Hope Credit Union, have launched the Hinds County Small Business COVID-19 Recovery and Resiliency Program. The program will increase access to small business financing and technical assistance designed to mitigate financial hardship resulting from the pandemic in Hinds County.

NOTE: All grant funds have been expended. Business owners interested in obtaining flexible financing can complete the form on this page to begin the lending process.

Businesses that qualify can receive loans of up to $500,000 from HOPE¹ to help with any of the following needs:

  • Payroll and benefits
  • Costs to retain employees
  • Mortgage, rent, utilities
  • Building Improvements
  • Other operating costs

TECHNICAL ASSISTANCE – In addition to business loans, companies can take advantage of up to $10,000 worth of free business counseling and technical assistance to support their growth and success.

  • Securing federal and other contracts
  • Bookkeeping and financial statements
  • Business planning and development
  • Cash flow management and accounting
  • Financial projections
  • Leadership development
  • Market analysis and research
  • Marketing strategy and implementation
  • Technology strategy and implementation
  • Strategic planning

ELIGIBILITY – Businesses must meet certain criteria to qualify for the program, including:

  • Physical location and postal address in Hinds County, MS
  • Operated locally with independent local owners or majority local ownership
    (not less than 51%)
  • Currently active and open for business, and able to show proof of operation prior to February 15, 2020
  • Documented COVID-19 related financial hardships that were not otherwise mitigated by other federal COVID-19 recovery programs
  • In good standing with the Mississippi Secretary of State
  • No recent bankruptcies
  • Neither business nor principal(s) are in default on any taxes or governmental obligations, or have liens on their credit report (excluding medical debt)
  • Neither business nor principal(s), affiliates, or subsidiaries are party to any pending litigation or threatening litigation or subject to governmental investigations

Frequently Asked Questions

What is the Hinds County Small Business COVID-19 Recovery and Resiliency Program (HCRRP)?

The HCRRP is a small business loan program created to support small businesses located in Hinds County that have experienced hardship due to the pandemic. Eligible businesses may borrow up to $500,000 through the program. Up to $10,000 is also available to cover the costs of business advisory services (technical assistance) to support planning, development and growth. Hope Credit Union (HOPE) will manage the program.

What are the eligibility requirements to participate in the loan and grant program?

  • Participant must operate in Hinds County, MS for one year after receiving the grant
  • The Business must locally owned and operated in Hinds County and in operation prior to February 15, 2020 (chains headquartered outside of Hinds County are not eligible)
  • Business must provide tax returns for calendar years 2021 and 2020, a personal financial statement for the grant applicant, and a debt schedule for the business
  • Documented COVID-19 related financial hardships that were not otherwise mitigated by other federal COVID-19 recovery programs, e.g., SBA Paycheck Protection Program or Economic Injury Disaster Loan
  • A minimum credit score (FICO) of 600 (for principal/s)
  • In Good Standing with the Mississippi Secretary of State
  • No recent bankruptcies, tax defaults, pending litigation or liens with the exception of medical debt

What are the eligible purposes for a loan?

Payroll and benefits; employee retention costs; mortgage, rent and utilities; building improvements and other operating costs.

What types of business advisory services (technical assistance) are covered?

Businesses may access up to $10,000 to cover costs associated with purchasing business advisory services. Services must be provided by a vendor approved by Hope Credit Union and include:

  • Assistance securing federal and other contracts
  • Bookkeeping and financial statements
  • Business planning and development
  • Cash flow management and accounting
  • Construction bonding assistance
  • Financial literacy and counseling
  • Financial projections
  • Leadership development
  • Market analysis and research
  • Marketing strategy and implementation
  • Technology strategy and implementation
  • Strategic planning
  • Legal
  • Taxes and insurance
  • Environmental analysis

When does the program start and when does it end?

Applications will be accepted beginning October 1, 2022, and must be submitted no later than June 30, 2024 or until all funds have been obligated.

Where can I apply for the Hinds County Small Business Recovery and Resiliency funds?

You can apply for the Hinds County Resiliency and Recovery Program through one of our Hinds County branches: University Boulevard or Medical Mall in Jackson, or our locations in Terry and Utica. l. You can also complete the borrower interest form on this page and a HOPE associate will be in touch with you to discuss next steps.

¹All loans are subject to credit approval.