Governor Abbott Announces $5 Million In Micro-Business Disaster Recovery Loans Following Texas Flooding

~ In a recent press release, Governor Greg Abbott announced that the state of Texas is making up to $5 million in funding available through the Texas Micro-Business Disaster Recovery (MBDR) Loan Program. This program aims to provide loans from Community Development Financial Institutions (CDFIs) to micro-businesses in communities that have been impacted by catastrophic flooding and have been declared a disaster by local, state, or federal authorities.

Governor Abbott expressed his commitment to helping Texas families and businesses affected by the recent floods. He urged all CDFIs to apply for the Texas MBDR Loan Program and help provide loans to qualifying micro-businesses as they work towards rebuilding after the devastating floods. The governor assured that the state will continue to support impacted communities and businesses until they are fully recovered.

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The Texas MBDR Loan Program, administered under the Governor's Texas Economic Development & Tourism Office, has a total of $5 million in funding available until August 31, 2025. This program offers zero-interest loans to eligible CDFIs for the purpose of providing loans to micro-businesses with no more than 20 employees who are facing difficulties in accessing capital following a declared disaster in Texas. Any interest and fees received on these loans will belong to the financial institution.

A list of currently approved CDFIs participating in this loan program can be found on gov.texas.gov. Micro-businesses can also reach out to their preferred CDFI and encourage them to participate in the Texas MBDR Loan Program. A comprehensive list of CDFIs in Texas can be found on cdfifund.gov by clicking "View the list of Certified CDFIs."

For more information on eligibility, application details, and other resources related to the Texas MBDR Loan Program, interested parties can visit mbdr.gov.texas.gov. The state government is committed to helping micro-businesses recover from disasters and encourages all eligible parties to take advantage of this program.

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