The Webster Progress-Times

State officials informed local leaders Monday night of available financial services and ways to help existing business and recruit new business.

The information was provided at a meeting of the Council of Government hosted by the Webster Council Development Council. Jay McCarthy and Jim Craig of the Mississippi Development Authority were the speakers at the informal gathering at the Eupora Depot.

Craig is in charge of Existing Industry and Business Division. Its objective is to provide services that result in retention and expansion of existing in-state industries and the creation of new industries, and to ensure that the needs of Mississippi businesses and economic development practitioners are met.

Components include the Retention and Expansion Team, which markets the state's resources for manufacturers and businesses, and the Industry Assistance staff, which provides management and technical assistance to new and existing business.

McCarthy is director of the Financial Resources Division, which administers a variety of incentive programs designed to assist businesses in obtaining loans for development and expansion.

Programs for communities highlighted by McCarthy included Community Development Block Grants, which provide funds necessary to ensure decent housing, basic community services, and environmental quality and economic opportunities for their residents. Another was the Small Municipalities and Limited Population Counties Grant, which funds about 45 projects each year. MDA is asking for $5 million from the Legislature to fund the program during the next fiscal year.

Loan programs he discussed included the Rural Impact Program, which is designed for making loans to counties or municipalities to finance capital improvements, the Development Infrastructure Program and the popular Capital Improvements Revolving Loan Program, or CAP.

He also highlighted Momentum Mississippi, which provides more flexibility to existing incentive programs, including direct loans to companies. Examples he gave of projects benefiting from this included call centers, research and development facilities, and corporate headquarters.

McCarthy emphasized that the more money a governmental entity is able to put up to offset some of the costs of a project, the better its chances of obtaining a grant. He also said MDA likes to see multiple communities or counties work together on projects.

In regard to recruitment of new business and industries, McCarthy said, "Position yourself so the (MDA) recruiters know all the good things you have." He also said most new companies are looking for existing buildings.

Both men offered to help local officials any way they can and encouraged them to use the MDA's resources.

The Council of Government was established to foster the coming together of county and municipal elected officials. About a dozen elected officials representing Webster County, the city of Eupora and the village of Walthall attended this week's meeting.

Also Monday, WCDC Executive Director Cynthia Wilson reported that a meeting is scheduled for March 14 to discuss the next steps to be taken in establishing a regional rail authority.

This is in hopes of reopening the closed section of the C&G Railway between West Point and Greenwood.