Gov. Greg Abbott has unveiled the Texas Small Business Credit Initiative (TSBCI) and is inviting financial institutions across the state to apply to participate. The application period will begin on October 9th and run through December 9th, with loan enrollment set to begin on January 15, 2024.
In a press release on October 6th, Governor Abbott emphasized the importance of small businesses to the Texas economy. He stated, “Small businesses are the very backbone of the mighty Texas economy. Nearly half of all Texans are employed by the more than 3 million small businesses in our great state. I encourage Texas financial institutions to participate in the Texas Small Business Credit Initiative programs.”
The TSBCI has received funding approval from the U.S. Department of the Treasury (DOT), paving the way for the initiative to support small businesses in Texas. The governor's office is urging small business owners to reach out to their preferred lenders and encourage their participation as financial institutions. Governor Abbott believes that increased access to financing and affordable loans for small businesses will lead to more job growth and more opportunities for Texas families.
This announcement comes on the heels of other measures aimed at supporting small businesses in Texas. In August, Governor Abbott signed an $18 billion property tax cut, which includes increases in franchise tax exemptions and appraisal caps. These measures are expected to benefit the approximately three million small businesses in the state.
The Texas Small Business Credit Initiative is a testament to the state's commitment to fostering innovation, entrepreneurship, and economic prosperity for all. With the launch of this program, Governor Abbott hopes to provide much-needed support to small businesses and contribute to the continued growth and success of the Texas economy.