Texas Governor Greg Abbott unveiled a new program to assist small businesses on Friday. The Texas Small Business Credit Initiative (TSBCI), made possible through an agreement with the U.S. Treasury Department, expands access to funding for small enterprises in the state, a sector recognized by the governor as the “backbone of the mighty Texas economy.”
The TSBCI, launching its application process on October 9, invites financial institutions to participate in programs specifically crafted to bolster small businesses. Almost half of all Texans are employed by the more than 3 million small businesses in the state, according to the governor.
“Greater access to financing and affordable loans for Texas small businesses means more job growth and more paychecks for more Texas families,” Abbott said in a statement, emphasizing the role of these enterprises in the state’s economic fabric.
Two main programs
Administered by the Economic Development Finance Division of the Economic Development & Tourism Office, the TSBCI will roll out two programs — the Capital Access Program and the Loan Guarantee Program.
The initiatives are designed for Texas businesses, both new and existing, with a workforce of up to 499 employees. While all small businesses stand to benefit, there’s a special emphasis on supporting those traditionally underserved and businesses still reeling from the COVID-19 pandemic’s impact.
Small businesses, talk to your lenders
For small businesses eager to tap into the financial resources the TSBCI offers, the starting point is a conversation with their preferred lenders. Business owners are encouraged to contact their financial institutions to express an interest and advocate for the lender’s participation in the TSBCI programs.
The TSBCI web portal will open to accept applications from financial institutions interested in participating in the program until Dec. 9, 2023.
Loan enrollment will begin on Monday, Jan. 15, 2024.
Detailed information for financial institutions and other resources related to the TSBCI are available on the official website. For insights into the federal SSBCI program, the U.S. Department of the Treasury’s website is a comprehensive resource.
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