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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of the Texas Enterprise Fund for a small |
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business loan guarantee program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 481.078, Government Code, is amended by |
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adding Subsections (b-1) and (m) to read as follows: |
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(b-1) A balance sufficient to pay the fund's obligations |
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under loan guarantees made under Subsection (m) must be maintained |
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in the fund. |
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(m) The fund may be used to guarantee small business loans |
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that have been determined by the United States Small Business |
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Administration to meet the requirements of a loan eligible for a |
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loan guarantee under the 7(a) loan program established under 15 |
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U.S.C. Section 636(a). A loan guaranteed by the fund under this |
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subsection may not exceed $2 million. The structure of loan |
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guarantees under this subsection must be modeled on the United |
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States Small Business Administration's 7(a) loan program |
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established under 15 U.S.C. Section 636(a). |
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SECTION 2. Section 481.079(a), Government Code, is amended |
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to read as follows: |
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(a) Before the beginning of each regular session of the |
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legislature, the governor shall submit to the lieutenant governor, |
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the speaker of the house of representatives, and each other member |
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of the legislature a report on grants or loan guarantees made under |
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Section 481.078 that states: |
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(1) with respect to grants awarded under the fund: |
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(A) the number of direct jobs each recipient |
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committed to create in this state; |
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(B) [(2)] the number of direct jobs each |
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recipient created in this state; |
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(C) [(3)] the median wage of the jobs each |
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recipient created in this state; |
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(D) [(4)] the amount of capital investment each |
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recipient committed to expend or allocate per project in this |
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state; |
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(E) [(5)] the amount of capital investment each |
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recipient expended or allocated per project in this state; |
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(F) [(6)] the total amount of grants made to each |
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recipient; |
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(G) [(7)] the average amount of money granted in |
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this state for each job created in this state by grant recipients; |
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(H) [(8)] the number of jobs created in this |
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state by grant recipients in each sector of the North American |
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Industry Classification System (NAICS); and |
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(I) [(9)] of the number of direct jobs each |
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recipient created in this state, the number of positions created |
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that provide health benefits for employees; and |
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(2) with respect to small business loans guaranteed by |
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the fund: |
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(A) the number of loans guaranteed by the fund; |
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and |
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(B) the average loan amount guaranteed. |
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SECTION 3. This Act takes effect September 1, 2021. |