87R10368 MWC-D
By: Lucio III H.B. No. 3536
A BILL TO BE ENTITLED
AN ACT
relating to the use of the Texas Enterprise Fund for a small
business loan guarantee program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 481.078, Government Code, is amended by
adding Subsections (b-1) and (m) to read as follows:
(b-1) A balance sufficient to pay the fund's obligations
under loan guarantees made under Subsection (m) must be maintained
in the fund.
(m) The fund may be used to guarantee small business loans
that have been determined by the United States Small Business
Administration to meet the requirements of a loan eligible for a
loan guarantee under the 7(a) loan program established under 15
U.S.C. Section 636(a). A loan guaranteed by the fund under this
subsection may not exceed $2 million. The structure of loan
guarantees under this subsection must be modeled on the United
States Small Business Administration's 7(a) loan program
established under 15 U.S.C. Section 636(a).
SECTION 2. Section 481.079(a), Government Code, is amended
to read as follows:
(a) Before the beginning of each regular session of the
legislature, the governor shall submit to the lieutenant governor,
the speaker of the house of representatives, and each other member
of the legislature a report on grants or loan guarantees made under
Section 481.078 that states:
(1) with respect to grants awarded under the fund:
(A) the number of direct jobs each recipient
committed to create in this state;
(B) [(2)] the number of direct jobs each
recipient created in this state;
(C) [(3)] the median wage of the jobs each
recipient created in this state;
(D) [(4)] the amount of capital investment each
recipient committed to expend or allocate per project in this
state;
(E) [(5)] the amount of capital investment each
recipient expended or allocated per project in this state;
(F) [(6)] the total amount of grants made to each
recipient;
(G) [(7)] the average amount of money granted in
this state for each job created in this state by grant recipients;
(H) [(8)] the number of jobs created in this
state by grant recipients in each sector of the North American
Industry Classification System (NAICS); and
(I) [(9)] of the number of direct jobs each
recipient created in this state, the number of positions created
that provide health benefits for employees; and
(2) with respect to small business loans guaranteed by
the fund:
(A) the number of loans guaranteed by the fund;
and
(B) the average loan amount guaranteed.
SECTION 3. This Act takes effect September 1, 2021.