Governor Greg Abbott today announced that the newest list of approved financial institutions participating in the Texas Small Business Credit Initiative (TSBCI) Program is available online as well as a new, simplified application process for financial institutions. The TSBCI Program supports small business growth and helps create new jobs through increased access to small business funding.
“Small businesses are the very backbone of the mighty Texas economy,” said Governor Abbott. “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 Program and apply through the simplified application process. Small businesses should contact an approved participating financial institution to ask about loan details. Greater access to financing and affordable loans for Texas small businesses means more job growth and more paychecks for more Texas families.”
The TSBCI Program is administered by the Economic Development Finance Division of the Governor’s Economic Development & Tourism Office, on behalf of the U.S. Department of the Treasury. There is the potential of up to $472 million available through the program.
Through participating financial institutions, Texas administers two TSBCI loan programs: The Capital Access Program (CAP) with loans of $5,000 to $5 million and the Loan Guarantee Program (LGP) with loans of $5,000 to $20 million.
Financial institutions interested in participating in the TSBCI Program may navigate the new, simplified application process by launching the TSBCI Portal at: tsbci.gov.texas.gov.
The list of approved financial institutions participating in the TSBCI Program can be found on the TSBCI website. Eligible small businesses should contact a financial institution from the approved list for loan application details or contact their preferred lender to encourage enrollment in the TSBCI Program as a participating financial institution.
Financial institutions may enroll loans from borrowers that meet the following criteria: Very Small Businesses (fewer than 10 employees) and Small Businesses (fewer than 500 employees). These eligible small businesses must also be for-profit organizations, domiciled in Texas, and have a minimum of 51% of their employees currently located in Texas. The TSBCI Program will assist all small businesses but will focus on traditionally marginalized and those that have been impacted by the COVID-19 pandemic.
Additional guidance, forms, and other resources for financial institutions related to the TSBCI Program are also available on the TSBCI website.
The Governor’s Economic Development and Tourism Office is tasked with marketing and promoting the state of Texas as a premier business location and travel destination, facilitating new jobs and investment through the location, expansion, and retention of national and international investment, and administering state incentive programs for business and community development.