Adriana Cruz, executive director of Texas Economic Development out of Governor Greg Abbott’s office, has some news for small businesses in Texas.
“We are pleased to announce that the U.S. Department of the Treasury has approved Texas’ application for funding through the State Small Business Credit Initiative,” Cruz announced in an update today.
Capital access program
Under the SSBCI, Texas now has the potential to receive more than $472 million to operate two programs. One is a capital access program, which will provide portfolio insurance for business loans and has been allocated $118 million.
Loan Guarantee Program
The other is a loan guarantee program that will increase access to capital for Texas small businesses—and that’s being allocated $354.1 million. Together, the “CAP” and “LGP” programs will now constitute what’s being called the Texas Small Business Credit Initiative.
“TSBCI will assist small business growth and create new jobs through increased access to small business funding,” Cruz said. “In addition, the program will assist small businesses that are traditionally marginalized and those that have been impacted by the COVID-19 pandemic.
TSBCI is administered by the Texas Economic Development & Tourism Office, within the Office of the Governor, on behalf of the U.S. Department of the Treasury.
Rules for the program are posted here and can be commented on within 30 days by sending an email to [email protected].
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