Governor Abbott Launches Texas Micro-Business Disaster Recovery Loan Program
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AUSTIN ~ Governor Abbott Launches Texas Micro-Business Disaster Recovery Loan Program

In an effort to support small businesses affected by disasters in Texas, Governor Greg Abbott has announced the launch of the Texas Micro-Business Disaster Recovery (MBDR) Loan Program. This program will provide loans from Community Development Financial Institutions (CDFIs) to micro-businesses that have been impacted by declared local, state, or federal disasters.

Administered by the Governor's Economic Development and Tourism Office, the Texas MBDR Loan Program has a total of $5 million in funding available until August 31, 2025. Eligible CDFIs can now apply to participate in this program.

Governor Abbott emphasized the importance of micro-businesses in the Texas economy, stating that they make up a vast majority of all businesses in the state. He also acknowledged that these small businesses are often the cornerstones of their communities and provide jobs for hardworking Texans. However, they are also among the hardest hit after a disaster strikes.

The Texas MBDR Loan Program aims to assist these local businesses in building resilience following a disaster. Governor Abbott encouraged CDFIs to apply for participation in the program now so they can be prepared for any potential declared disaster. He also assured that Texas will continue to provide necessary resources for disaster preparation and recovery to businesses and communities across the state.

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The creation of this program was made possible by House Bill 3271, which was signed into law by Governor Abbott earlier this year. The program will offer zero-interest loans to eligible CDFIs for the purpose of providing interest-bearing loans to qualifying micro-businesses that have difficulty accessing capital after a declared disaster.

It is important for CDFIs to apply for participation before a disaster occurs so they can be ready to enroll loans from micro-businesses that meet eligibility criteria once a disaster is declared. Micro-businesses are encouraged to contact their preferred CDFI and encourage them to participate in the Texas MBDR Loan Program as a participating lender. A list of certified CDFIs can be found on the program's website.

For more information on the Texas MBDR Loan Program, including eligibility requirements and application details, interested parties can visit mbdr.gov.texas.gov. The Governor's Economic Development and Tourism Office, which is responsible for marketing and promoting Texas as a premier business location and travel destination, will also be administering state incentive programs for business and community development.

Filed Under: Government, State
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