Business financing in Union County.

Small business financing is any loan, line of credit, grant, or investment that helps you start, run, or grow a business.

For solo contractors — plumbers, electricians, landscapers, painters — it might mean a small equipment loan or a working-capital line to cover slow months.

For real-estate investors, it might mean a fix-and-flip loan or a rental-property mortgage.

Not all financing works the same way. Some loans come from banks, others from nonprofit lenders called CDFIs (Community Development Financial Institutions), and others from credit unions. Some are backed by the U.S. Small Business Administration (SBA), which reduces the lender's risk and can make it easier for you to qualify — but the SBA itself does not lend money directly to businesses.

It guarantees loans made by approved local lenders.

The goal of this guide is to show you what is available in and around Union County, Mississippi, so you can compare options calmly and make the best decision for your situation.

Union County is a small, rural county in northeast Mississippi anchored by the city of New Albany. The local economy has deep roots in manufacturing (automotive parts, furniture components), agriculture, construction trades, and small retail. Many residents are self-employed or run micro-businesses with fewer than five employees.

Because of that rural, trade-heavy economy, several programs are specifically designed for borrowers here:

• **Rural business programs** from the USDA prioritize counties like Union County that are outside major metro areas. You may qualify for lower interest rates or longer repayment terms.

• **Self-employed and sole proprietor borrowers** can qualify for many loans even without a traditional payroll. Lenders will look at your Schedule C (tax form), bank statements, and contracts in hand.

• **ITIN holders** — people who pay taxes with an Individual Taxpayer Identification Number instead of a Social Security number — can access financing through certain CDFIs and credit unions in this region. You do not need citizenship or a Social Security number for every loan product.

• **Credit score flexibility** exists at local CDFIs, which weigh your full story — character, community ties, business plan — not just a credit score.

Common qualifying factors across most lenders: at least several months of business history (some CDFIs work with startups), demonstrated ability to repay, a clear business purpose for the funds, and basic documentation (see Section 3).

Gathering these documents before you apply saves time and shows lenders you are prepared. Not every lender requires every item — your specific list depends on the loan type and amount.

**For most loan applications:**

- Government-issued photo ID (driver's license, passport, or consular ID)

- ITIN or Social Security number

- Last 2 years of personal tax returns (Form 1040, including Schedule C if self-employed)

- Last 2 years of business tax returns (if you have a formal business entity)

- Last 3–6 months of business bank statements

- Last 3–6 months of personal bank statements

- Proof of business address (utility bill, lease, or county business license)

- A simple business plan or written description of how you will use the funds

- Any outstanding debt information (existing loans, credit cards)

**For contractors specifically:**

- Copies of current or recent contracts or work orders

- Contractor's license issued by the Mississippi State Board of Contractors

- Proof of insurance (general liability, if applicable)

**For real-estate investors:**

- Property address and purchase price or current appraisal

- Repair estimates (for fix-and-flip projects)

- Rent rolls or lease agreements (for rental properties)

- Title search or attorney opinion letter

If you are missing some of these items, do not give up. Talk to a local CDFI or small business development center first — they can help you figure out what you actually need for your specific situation.