Texas financial institutions interested in taking part in the initiatives aiding small businesses are welcome to apply starting on Monday, according to a statement from Governor Greg Abbott today announcing the launch of the Texas Small Business Credit Initiative (TSBCI).
According to Governor Abbott, “Small businesses are the very backbone of the mighty Texas economy.” “The more than 3 million small enterprises in our beautiful state employ over half of all Texans. I urge Texas-based banking institutions to take part in the programmes offered by the Texas Small Business Credit Initiative. For Texas small businesses, easier access to funding and more affordable loans translates into more job development and income for more Texas families. The TSBCI personifies our unshakable dedication to promoting entrepreneurship, innovation, and economic prosperity for all.
The State Small Business Credit Initiative (SSBCI) allocation agreement for the State of Texas, which funds the Texas Small Business Credit Initiative programmes, has been signed by the U.S. Department of the Treasury. The TSBCI web portal will begin on Monday, October 9, 2023 and remain available through Saturday, December 9, 2023 to accept applications from financial institutions interested in taking part in the programme. Loan enrollment will start on January 15, 2024, on a Monday.
A Capital Access Programme and a Loan Guarantee Programme, both of which are open to enrolling new loans made to qualified new and existing Texas enterprises with 499 or fewer employees, will be administered by Texas under the TSBCI.
Through expanded access to small company capital, these programmes will help small businesses grow and generate new jobs. Additionally, all small enterprises will receive assistance from the TSBCI programmes, but a special emphasis will be placed on historically underserved groups and those affected by the COVID-19 pandemic.
To urge their preferred lender’s engagement in TSBCI programmes as a financial institution, small business owners should get in touch with them.
On behalf of the U.S. Department of the Treasury, the Economic Development Finance Division of the Economic Development & Tourism Office, inside the Office of the Governor, administers the TSBCI.
Go to gov.texas.gov/business/page/tsbci to access the banking institutions’ TSBCI web portal.