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Cooperative Loans

Loan Program Overview

The Small Farm Loan Program was established to provide debt capital to small farmers and farm organizations that would otherwise be unable to obtain credit from traditional financial institutions. The loan program is a supervised credit program supported by technical assistance. The Center’s loan program is structured in this manner in order to reduce risk of failure and enhance success of the enterprise. An added advantage is the zero-interest feature which in essence eliminates the cost of borrowing capital.


  1. Current Business Plan with three-year operating projection;
  2. Current By-Laws of the cooperative;
  3. List of Board of Directors and current membership;
  4. Members must be U. S. citizens, or permanent residents;
  5. Cooperative must reside in the state of Mississippi;
  6. Emerging enterprise is given priority;
  7. Adequate financial records for past three years;
  8. Repayment ability;
  9. Credit worthiness;
  10. Legal capacity to carry out loan obligation;
  11. Reasonable security to support loan (100%) must be free and clear of lien, and a lien search must be provided;
    1. If land is used, please provide legal description and copy of deeds and value of property.
    2. If equipment is used, please provide the following: Proof of Ownership, Quantity, Kind, Manufacturer, Size and Type, Condition, Year of Manufacturer and Serial Number, and value.
  12. No crop production applications will be accepted past the optimum planting date. See Optimum Planting Dates Chart;
  13. No livestock production applications will be accepted past the optimum gestation period. See Optimum Gestation Period Chart;
  14. Cooperative Members with past due accounts will not be considered for additional funding unless special arrangement have been made in writing prior to applying for the loan; and
  15. Employees of Alcorn State University are not eligible to receive loans under this program. It will be interpreted as a conflict of interest by the State Auditor’s office.

Download/View the Cooperative Loan Application (PDF)

For More Information Contact:

Velma Oliver
Farm Management/Loan Specialist
(601) 877-6570 or (601) 443-7780