Texas Governor Greg Abbott has unveiled the Texas Small Business Credit Initiative (TSBCI) [32c12d32]. The initiative aims to expand access to funding for small businesses in the state, recognizing them as the backbone of the Texas economy. Made possible through an agreement with the U.S. Treasury Department, the TSBCI will roll out two programs: the Capital Access Program and the Loan Guarantee Program. These programs are designed for Texas businesses with up to 499 employees, providing greater access to financing and affordable loans. The TSBCI aims to promote job growth and economic development in the state [32c12d32].
The application process for the TSBCI will begin on October 9, 2023. Small business owners are encouraged to contact their preferred lenders to express interest and advocate for participation in the TSBCI programs. The TSBCI also prioritizes supporting traditionally underserved businesses and those impacted by the COVID-19 pandemic. The initiative is administered by the Economic Development Finance Division of the Economic Development & Tourism Office [32c12d32].
In addition to the TSBCI, the American Sustainable Business Council (ASBC) has launched the Green Lender Initiative [654982f7]. This initiative aims to increase funding for small businesses' clean energy goals. The Green Lender Initiative provides resources and support to lenders, helping them offer affordable financing options for small businesses looking to invest in clean energy. The ASBC hopes that the initiative will help accelerate the transition to a clean energy economy and create jobs in the process. The Green Lender Initiative is part of a broader effort to address climate change and promote sustainable business practices [654982f7].
The U.S. Small Business Administration (SBA) has also launched the Green Lender Initiative to attract more climate-focused lenders to its loan programs [1c529876]. The initiative will use SBA loan guarantees to attract private capital for clean energy investments. The SBA will also expand its Community Advantage program to provide additional flexibility for climate-focused projects. The Green Lender Initiative aims to align private capital with investments that support America's clean energy transition. The initiative will leverage SBA's loan guarantees, secondary market, and other services to scale lending to small businesses focused on decarbonizing and lowering energy costs. The SBA's Green Lender opportunities include the Microloan Program, the 504 Loan Program, the 7(a) Loan Program, and Traditional Small Business Lending Company licenses. The initiative is part of the Biden-Harris Administration's Invest in America agenda and is supported by the Inflation Reduction Act [1c529876].