What AI says about Texas Small Business Credit Initiative

The Texas Small Business Credit Initiative (TSBCI) helps Texas small businesses grow and create jobs by expanding access to funding, focusing on traditionally marginalized firms and those affected by the COVID-19 pandemic, and is administered by the Governor’s EDT Economic Development Finance Division on behalf of the U.S. Treasury. It provides two programs via participating lenders: the Capital Access Program (CAP), which offers matching portfolio insurance premium payments to a loan loss reserve for loans from $5,000 to $5,000,000, and the Loan Guarantee Program (LGP), which guarantees up to 80% of unpaid principal on loans from $5,000 to $20,000,000. Eligible borrowers are Very Small Businesses (fewer than 10 employees) and Small Businesses (fewer than 500 employees) domiciled in Texas with at least 51% of employees in Texas; lenders enroll loans through approved financial institutions via the TSBCI Portal.