Abbott announces updated TSBCI lender list, simplified application process
Texas officials say the updated TSBCI lender list and new application process are meant to expand access to small business financing through participating institutions.
Governor Greg Abbott says Texas has updated its list of approved lenders for the Small Business Credit Initiative and opened a simplified application process for financial institutions.
Governor Greg Abbott announced an updated list of approved financial institutions for Texas’s Small Business Credit Initiative and said lenders can now use a simplified application process to join the program.
TSBCI is intended to expand access to funding for small businesses. The program carries the potential for up to $472 million in financing, according to the Texas Border Business report.
The 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. Texas uses two loan programs through participating financial institutions: the Capital Access Program, or CAP, which offers loans from $5,000 to $5 million, and the Loan Guarantee Program, or LGP, which offers loans from $5,000 to $20 million.
The article says financial institutions can apply through the TSBCI Portal at tsbci.gov.texas.gov. The approved list of participating institutions is also available on the TSBCI website, and eligible small businesses are directed to contact an approved institution or their preferred lender about enrollment.
Eligibility rules in the report say participating lenders may enroll loans for Very Small Businesses with fewer than 10 employees and Small Businesses with fewer than 500 employees. Eligible businesses must be for-profit, domiciled in Texas, and have at least 51% of employees currently located in Texas. The article says the program will assist all small businesses but will focus on traditionally marginalized businesses and those affected by COVID-19.
Abbott said nearly half of Texans are employed by more than 3 million small businesses in the state. He also urged Texas financial institutions to participate in the program. In the quoted remarks, Abbott said greater access to financing and affordable loans means more job growth and more paychecks for Texas families.
The report says financial institutions can use the TSBCI Portal to apply, while small businesses can review approved lenders and seek enrollment through participating institutions.
Sources
Editorial note: This article was prepared with AI assistance and includes source attribution for reader review.
Comments ()