Governor Greg Abbott has announced that the latest list of approved financial institutions participating in the Texas Small Business Credit Initiative (TSBCI) Program is now accessible online. Alongside this, a new, simplified application process for financial institutions has been introduced. The TSBCI Program aims to foster small business growth and job creation by enhancing access to funding.
“Small businesses are the very backbone of the mighty Texas economy,” stated Governor Abbott. He emphasized that nearly half of Texans work for over 3 million small businesses across the state. Governor Abbott urged Texas financial institutions to join the program and utilize the streamlined application process. He also encouraged small businesses to reach out to approved participating financial institutions for loan details, noting that increased financing access translates into job growth and more paychecks for Texas families.
Administered by the Economic Development Finance Division within the Governor's Economic Development & Tourism Office, on behalf of the U.S. Department of the Treasury, the TSBCI Program offers up to $472 million in potential funding.
Texas manages two TSBCI loan programs through participating financial institutions: The Capital Access Program (CAP) provides loans ranging from $5,000 to $5 million, while the Loan Guarantee Program (LGP) offers loans from $5,000 up to $20 million.
Financial institutions interested in joining can access the new application process via the TSBCI Portal at tsbci.gov.texas.gov. The list of approved financial institutions is available on the TSBCI website. Eligible small businesses should contact these institutions for loan applications or encourage their preferred lenders to enroll in the program.
Eligible borrowers include Very Small Businesses with fewer than 10 employees and Small Businesses with fewer than 500 employees. These must be for-profit entities based in Texas with at least 51% of their workforce located within the state. The program particularly supports traditionally marginalized businesses and those affected by COVID-19.
Additional resources, guidance, and forms for financial institutions are provided on the TSBCI website.
The Governor’s Economic Development and Tourism Office promotes Texas as a prime business location and travel destination while facilitating job creation and investment through various state incentive programs.
