Governor Greg Abbott has announced the Texas Small Business Credit Initiative (TSBCI) and is welcoming applications from Texas financial institutions seeking to participate in the small business support programs. The U.S. Department of the Treasury ratified the State of Texas' State Small Business Credit Initiative (SSBCI) allocation agreement, thus providing funding for TSBCI programs.
"Gov. Abbot unveils Texas Small Business Credit Initiative," said Gov. Abbot.
The TSBCI web portal will open on Oct. 9, 2023, and stay accessible until Dec. 9, 2023, to accept applications from financial institutions interested in partaking in this initiative. Loan enrollment is scheduled to begin on Jan. 15, 2024, under these programs aimed at encouraging small business growth, job creation, and enhancing accessibility to small business funding.
“Small businesses are the very backbone of the mighty Texas economy,” said Abbott according to a press release from his office. “Nearly half of all Texans are employed by the more than 3 million small businesses in our great state... Greater access to financing and affordable loans for Texas small businesses means more job growth and more paychecks for more Texas families."
The state of Texas will supervise two initiatives under TSBCI: the Capital Access Program and the Loan Guarantee Program. Both programs aim to facilitate new loan enrollments which would benefit eligible Texan businesses with 499 or fewer employees.