|
House Bill 3271 |
House Author: Ordaz Perez et al. |
|
Effective: 6-18-21 |
Senate Sponsor: Blanco et al. |
House Bill 3271 amends the Government Code to establish a revolving loan program to assist certain micro-businesses that employ not more than 20 employees and that have difficulty in accessing capital following a declared disaster. The bill provides for the establishment and administration of the micro-business recovery fund as a dedicated account in the general revenue fund. The Texas Economic Development Bank administers the fund and the loan program.
House Bill 3271 also renames the current capital access fund as the original capital access fund and authorizes the bank to establish access to capital access programs, collateral support programs, loan guarantee programs, and loan participation programs in order to promote private access to capital to certain businesses with fewer than 500 full-time employees.