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House Bill 3578 |
House Author: Davis, John |
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Effective: 9-1-13 |
Senate Sponsor: Hancock |
House Bill 3578 amends the Government Code to authorize the Texas Economic Development Bank to allocate money held in or due to the capital access fund to programs administered by the bank under statutory provisions relating to programs, services, and funds under the bank's direction and under statutory provisions relating to product development and small business incubators. The bill authorizes the bank to transfer money from the capital access fund to the Texas product development fund or the Texas small business incubator fund. The bill authorizes the bank to use that transferred money to make loans to small or medium-sized businesses, governmental entities, or nonprofit organizations. The bill authorizes those entities that receive such a loan to use the money for any project, activity, or enterprise in Texas that fosters economic development or to hold the money in a reserve account created as a condition of the extension of the loan.