{"data":{"id":"us-tx/tex.-government-code-489.304","jurisdiction":"us-tx","citation":"Tex. Government Code § 489.304","heading":"MICRO-BUSINESS DISASTER RECOVERY LOAN GUARANTEE PROGRAM.","body":"(a) The bank shall establish and administer a micro-business disaster recovery loan guarantee program in which money in the micro-business disaster recovery fund is used to guarantee loans made by participating financial institutions to micro-businesses that have suffered economic injury as a result of a declared disaster.\n(b) The bank shall determine the eligibility of a financial institution to participate in the program and may set a limit on the number of eligible financial institutions that may participate in the program.\n(c) To participate in the program, an eligible financial institution must enter into a participation agreement with the bank that sets out the terms and conditions under which loans made to micro-businesses recovering from a declared disaster will be guaranteed.\n(d) To qualify for a loan guarantee under the program, a micro-business:\n(1) must:\n(A) be in good standing under the laws of this state; and\n(B) not owe delinquent taxes to a taxing unit of this state before the date of the initial issuance of the disaster declaration; and\n(2) may not:\n(A) have total revenue that exceeds the amount for which no franchise tax is due under Section 171.002(d)(2), Tax Code; or\n(B) be a franchise, a national chain with operations in this state, a lobbying firm, or a private equity firm or backed by a private equity firm.\n(e) A micro-business that receives a loan guarantee shall apply the loan to working capital or to the purchase, construction, or lease of capital assets damaged, reduced, or lost as a result of the declared disaster.\nAdded by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.","path":["GOVERNMENT CODE","TITLE 4. EXECUTIVE BRANCH","SUBTITLE F. COMMERCE AND INDUSTRIAL DEVELOPMENT","CHAPTER 489. TEXAS ECONOMIC DEVELOPMENT BANK","SUBCHAPTER F. MICRO-BUSINESS DISASTER RECOVERY LOAN GUARANTEE PROGRAM"],"source_url":"https://statutes.capitol.texas.gov/Docs/GV/htm/GV.489.htm#489.304","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:16Z","sha256":"877352eb371904d3f440606f99533906a70970736f88482a6ba8304705562838","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-government-code-489.303","next":"us-tx/tex.-government-code-489.305"},"notice":"GroundRules: Original legal text. Not legal advice."}