Today, Governor Greg Abbott announced that the Texas Small Business Credit Initiative (TSBCI) is now open. He also asked Texas financial institutions that want to be a part of the programs that help small businesses to start applying on Monday, October 9.
Gov. Abbott said, “Small businesses are the very backbone of the strong Texas economy.” With more than 3 million small businesses in our great state, nearly half of all Texans have jobs. I think it’s great that Texas banks are taking part in the Texas Small Business Credit Initiative programs. More loans and easier access to capital for small businesses in Texas will lead to more jobs and more paychecks for more families in Texas. TSBCI represents our unwavering dedication to promoting economic growth, innovation, and entrepreneurship for everyone.
The U.S. Department of the Treasury has signed an agreement to give money to the Texas Small Business Credit Initiative (SSBCI). This will pay for the programs in the Texas Small Business Credit Initiative. In order for financial institutions that want to join the program, the TSBCI web portal will be open from Monday, October 9, 2023, to Saturday, December 9, 2023. Loan sign-ups will start on Monday, January 15, 2024.
Texas will be in charge of two TSBCI programs: the Capital Access Program and the Loan Guarantee Program. These programs will accept new loans from eligible Texas businesses with 499 or fewer employees, whether they are new or existing.
By making it easier for small businesses to get funding, these programs will help them grow and create new jobs. The TSBCI programs will also help all small businesses, but they will focus on those that have been historically overlooked and those that have been affected by the COVID-19 pandemic.
Small business owners should talk to their preferred lenders about joining TSBCI’s programs as a financial institution. For the U.S. Department of the Treasury, the Economic Development Finance Division of the Economic Development & Tourism Office in the Office of the Governor is in charge of TSBCI.
The TSBCI web portal for financial institutions can be found at: gov.texas.gov/business/page/tsbci.
The TSBCI website also has more information, forms, and other tools for financial institutions that are related to their programs.
Visit the website of the U.S. Department of the Treasury to learn more about the federal SSBCI program: home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci
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