Governor Greg Abbott has announced the availability of up to $5 million in funding through the Texas Micro-Business Disaster Recovery (MBDR) Loan Program. This initiative aims to support micro-businesses in communities affected by recent severe flooding where a disaster has been declared at the local, state, or federal level.
“The State of Texas continues to deploy all available resources and support to help Texas families and businesses devastated by recent flooding to recover and rebuild,” said Governor Abbott. “I invite all community development financial institutions to immediately apply to participate in our Texas Micro-Business Disaster Recovery Loan Program to help provide loans to qualifying micro-businesses as they work to rebuild after the tragic floods. We will help every impacted community and business until the job is done.”
The program, managed by the Governor’s Texas Economic Development & Tourism Office, offers zero-interest loans to eligible Community Development Financial Institutions (CDFIs). These CDFIs can then make loans available to qualifying micro-businesses with no more than 20 employees that face challenges accessing capital following a disaster declaration in Texas. Interest and fees from these loans belong to the participating financial institution.
A list of currently approved CDFIs is available at gov.texas.gov/uploads/files/business/MBDR_Participants.pdf. Micro-businesses are encouraged to contact their preferred CDFI for participation in this loan program. A comprehensive list of CDFIs in Texas can be accessed via cdfifund.gov/programs-training/certification/cdfi. Further details on eligibility, application processes, and additional resources for the Texas MBDR Loan Program can be found at mbdr.gov.texas.gov.
