Gov. Greg Abbott has announced the launch of the new Texas Small Business Credit Initiative (TSBCI) and extended an invitation to all financial institutions in the Lone Star State interested in participating to apply starting October 9th.
"Small businesses are the very backbone of the mighty Texas economy," said Governor Abbott in an October 6th press release. "Nearly half of all Texans are employed by the more than 3 million small businesses in our great state."
The U.S. Department of the Treasury (DOT) has signed off on an agreement to fund the TSBCI, which aims to provide greater access to financing and affordable loans for Texas small businesses. The application period for financial institutions will run through December 9th, with loan enrollment slated to commence on January 15, 2024.
The governor's office is urging small business owners to contact their preferred lender to encourage their participation as a financial institution. "Greater access to financing and affordable loans for Texas small businesses means more job growth and more paychecks for more Texas families," Abbott said. "TSBCI embodies our unwavering commitment to fostering innovation, entrepreneurship, and economic prosperity for all."
This announcement comes after Governor Abbott signed Texas' $18 billion property tax cut, which includes increases in franchise tax exemptions and appraisal caps. The state is home to approximately three million small businesses.
The Texas Small Business Credit Initiative aims to support the vital role that small businesses play in the state's economy and provide them with the necessary resources to thrive and create jobs. Financial institutions are encouraged to participate in the program to help foster innovation, entrepreneurship, and economic prosperity for all Texans.