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.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
Don't miss your chance to get our biggest-ever Dallas Innovates magazine. Request a complimentary copy of the once-a-year limited edition now.
-
Tarleton State University received the go-ahead for a new biotechnology institute as part of Texas A&M-Fort Worth's burgeoning downtown research campus. Approved in mid-August by the Texas A&M University System Board of Regents, the biotech institute is situated in one of the nation's fastest-growing life sciences hubs. "More than 5,000 biotechnology manufacturing and research and development firms — think Novartis, Alcon, AstraZeneca — call Texas home," according to the university. And DFW now ranks seventh in the U.S. for life science and biotech jobs. The Tarleton State Biotechnology Institute will focus on discovery and innovation in bioinformatics and computational modeling.…
-
"It’s beginning to look like the recent growth of Texas could have a lasting impact on the VC ecosystem," Carta says in its Q1 2023 report, noting that Texas now ranks No. 4 among all states in capital raised on its platform. "In the recent past, California, Massachusetts, and New York formed an unofficial Big Three states for startup investors. Thanks to Texas, it’s now looking more like a Big Four."
-
Lyda Hill Philanthropies and TAMEST, the Texas Academy of Medicine, Engineering, Science, and Technology, have launched the Hill Prizes. The new program will provide $2.5 million in funding to support the research of Texas scientists.
