AI Legalese Decoder: Simplifying Governor Abbott’s Small Business Credit Initiative for Texans
- October 6, 2023
- Posted by: legaleseblogger
- Category: Related News
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Press Release: Governor Abbott Announces Opening of 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.
Boosting Small Businesses with TSBCI
“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 Funding and Application Process
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 on Monday, January 15, 2024.
TSBCI Programs for Small Businesses
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.
Assisting Small Business Growth and Job Creation
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.
Encouraging Small Business Owners to Participate
Small business owners should contact their preferred lender to encourage their participation in TSBCI programs as a financial institution.
Administered by the Economic Development Finance Division
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.
For More Information
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
The AI legalese decoder can greatly assist in navigating the upcoming Texas Small Business Credit Initiative (TSBCI) program by streamlining the process and providing clear and concise information. Small businesses play a crucial role in the Texas economy, employing nearly half of all Texans. Governor Greg Abbott emphasized the significance of TSBCI in facilitating greater access to financing and affordable loans for small businesses, leading to increased job growth and financial stability for Texas families. The TSBCI program aims to foster innovation, entrepreneurship, and economic prosperity throughout the state.
The State of Texas has secured funding from the U.S. Department of the Treasury through the State Small Business Credit Initiative (SSBCI) allocation agreement. Starting on October 9, 2023, financial institutions in Texas can apply to participate in TSBCI programs through the dedicated web portal available until December 9, 2023. Loan enrollment will commence from January 15, 2024. TSBCI offers two programs: the Capital Access Program and the Loan Guarantee Program, which provide support to eligible existing and new Texas businesses with 499 or fewer employees.
These programs are designed to stimulate small business growth and create employment opportunities, with a specific focus on supporting historically marginalized businesses affected by the COVID-19 pandemic. Small business owners are encouraged to connect with their preferred lenders, urging them to participate as financial institutions in TSBCI.
Administered by the Economic Development Finance Division of the Economic Development & Tourism Office within the Office of the Governor, TSBCI operates on behalf of the U.S. Department of the Treasury.
For comprehensive information and to participate in the TSBCI program, financial institutions can visit the dedicated web portal at gov.texas.gov/business/page/tsbci. Financial institutions can find additional guidance, forms, and resources on the TSBCI website. To learn more about the federal SSBCI program, please visit home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci.
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