BancorpSouth (BSX) in Tupalo, Miss., has created a loan pool to support economic growth in its home state.
BancorpSouth has committed $500 million to a "Grow Mississippi" loan pool to help the state attract businesses and jobs, the $13.4 billion-asset company announced Thursday. It will work with the Mississippi Development Authority to identify out-of-state loan candidates and local borrowers hoping to expand their businesses.
The company said it could add to the initial commitment depending on how many borrowers it finds. The loans will be made to businesses of all sizes as well as entrepreneurs, in accordance with BancorpSouth's usual underwriting standards.h
"This initial commitment … is being allocated for the specific purpose of funding loans to businesses and entrepreneurs seeking to locate in our state, as well as for existing businesses looking to expand operations," BancorpSouth Chief Executive Dan Rollins said in the news release.
