Governor Abbott Announces Texas Small Business Credit Initiative
Governor Greg Abbott today announced the opening of the Texas Small Business Credit Initiative (TSBCI) and invited Texas financial institutions interested in participating in the programs assisting small businesses to apply beginning Monday, October 9.
“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 programs. Greater access to financing and affordable loans for Texas small businesses means more job growth and more paychecks for more Texas families. TSBCI embodies our unwavering commitment to fostering innovation, entrepreneurship, and economic prosperity for all.”
The State of Texas’ State Small Business Credit Initiative (SSBCI) allocation agreement has been signed by the U.S. Department of the Treasury, funding the Texas Small Business Credit Initiative programs. On Monday, October 9, 2023 through Saturday December 9, 2023, the TSBCI web portal will open to accept applications from financial institutions interested in participating in the program. Loan enrollment will begin Monday, January 15, 2024.
Texas will administer two programs under TSBCI: a Capital Access Program and a Loan Guarantee Program, which are open to enroll new loans made to eligible new and existing Texas businesses with 499 or fewer employees.
These programs will assist small business growth and create new jobs through increased access to small business funding. In addition, the TSBCI programs will assist all small businesses, but will focus on traditionally marginalized and those that have been impacted by the COVID-19 pandemic.
Small business owners should contact their preferred lender to encourage their participation in TSBCI programs as a financial institution.
TSBCI is administered by the Economic Development Finance Division of the Economic Development & Tourism Office, within the Office of the Governor, on behalf of the U.S. Department of the Treasury.
The TSBCI web portal for financial institutions can be found at: gov.texas.gov/business/page/tsbci.
Additional guidance, forms, and other resources for financial institutions related to TSBCI programs are also available on the TSBCI website.
For more information about the federal SSBCI program, please visit the U.S. Department of the Treasury’s website: home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci