Overview
What is Central Mississippi Development Co Inc?
Central Mississippi Development Co Inc, established under the Small Business Investment Act of 1958, is a non-profit organization headquartered in Pearl, Mississippi. Its mission is to provide long-term financing for small businesses, fostering their growth, modernization, and expansion. By issuing bonds, CMDC loans funds to small enterprises to finance fixed assets. The Small Business Administration guarantees these bonds, ensuring their repayment through promissory notes. As of September 30, 2022, the outstanding bonds and related notes receivable amounted to approximately $15,878,000. The organization incurred expenses of $116,193 during the year in support of this program. CMDC's primary goal is to expand employment and boost the economic base of the seven-county area it serves.
Is Central Mississippi Development Co Inc legitimate?
Central Mississippi Development Co Inc is a legitimate nonprofit organization registered as a 501(c)(4) entity. Central Mississippi Development Co Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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What is the mission statement of Central Mississippi Development Co Inc?
Central Mississippi Development Co Inc, established under the Small Business Investment Act of 1958, serves as a non-profit corporation aimed at providing long-term financing for small businesses. This financing is instrumental in facilitating the growth, modernization, and expansion of these businesses. By offering fixed asset financing, Central Mississippi Development Co Inc plays a significant role in increasing employment and enhancing the economic base of the seven-county area it serves.
What is the revenue of Central Mississippi Development Co Inc?
Central Mississippi Development Co Inc's revenue in 2024 was $140,832.
Who are the executives of Central Mississippi Development Co Inc and what are their salaries?
There 9 volunteers at Central Mississippi Development Co Inc.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Central Mississippi Development Co Inc?
Central Mississippi Development Co Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Central Mississippi Development Co Inc
Central Mississippi Development Co Inc, established under the Small Business Investment Act of 1958, serves as a non-profit corporation with a mission to provide a reliable source of long-term financing for small businesses and their growth, modernization, and expansion. The organization, Central Mississippi Development Co., Inc. (CMDC), plays a crucial role in the economic development of its served area by offering fixed asset financing. This financing serves as a foundation for expanding employment opportunities and strengthening the economic base of the seven-county region it serves. By providing long-term financing, CMDC supports small businesses in their journey towards growth and expansion, thereby contributing to the overall economic growth of the region.
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Impact
October, 2024
Central Mississippi Development Co Inc. significantly impacts the local economy by providing essential long-term financing options for small businesses. By issuing bonds backed by the Small Business Administration, CMDC facilitates access to capital for fixed asset investments, which are crucial for the modernization and expansion of small enterprises.
This financing not only helps businesses grow, but it also enhances employment opportunities in the region. As businesses expand and modernize, they can create new jobs and contribute to a more robust economic base across the seven-county area it serves. The total outstanding bonds and related notes receivable nearing $15.9 million demonstrates CMDC's commitment to fostering economic development.
Moreover, by incurring reasonable expenses in support of its mission, CMDC maximizes its impact on community improvement. Overall, the organization's efforts play a vital role in bolstering local businesses and enhancing the economic vitality of Central Mississippi.
This information is meant to be a general summary of Central Mississippi Development Co Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $62,504
- Program Service Revenue: $78,328
- Gross Receipts: $140,832
Assets and Liabilities:
- Total Assets: $1,177,883
- Total Liabilities: $11,808
- Net Assets: $1,166,075
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN PROCESSING AND SERVICE FEES
Revenue
$78,328
Organization Details
Founding Year
1981
Principal Officer
De'Keither Stamps
NTEE Category
Code: S43 - Community improvement
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