The Office of the Governor Economic Development and Tourism Division hereby gives notice that The Texas Small Business Industrial Corporation is accepting applications for loans to be funded through the Texas Industry Development Revolving Loan program.
The Texas Industry Development Revolving Loan Program, provides capital to Texas communities and eligible 501(c) 3 corporations at favorable market rates. The program supports eligible tax exempt public purpose projects that stimulate economic development within the community. The loans are available with low cost, variable rate long term financing with the term of the loan not extending beyond the useful life of the assets and up to bond maturity in 2025.
Eligible projects must meet the project definition as described in the Development Corporation Act of 1979, the Texas Industry Development Program Guidelines and all appropriate state and federal regulations as applicable to the program. Examples of public projects include:
Community infrastructure (I.e. Water, wastewater, drainage, streets)
Remediation on public land/facilities
Loan terms are available for participants with a credit rating of an A or above with a term not to exceed December 2025.
A project must be found to be required or suitable for the promotion of economic development as deemed by the Corporation’s board of directors in the performance of its public purposes, functions and duties.
A project will not be eligible for funding under the program for moving existing jobs from one municipality or county in Texas to another municipality or county within the state.
For additional information please contact Donna Weinberger-Rourke with The Office of the Governor Economic Development and Tourism Division at 512-936-6443.