Sec. 44.0045. MICROENTERPRISE SUPPORT PROGRAM LOANS. (a) The board shall administer a loan program supporting established and proposed microenterprises in rural areas by providing loans to expand, modernize, or otherwise improve established microenterprises and to begin operation of proposed microenterprises.
(b) An applicant applying on behalf of a proposed microenterprise may receive a loan of up to $25,000 to begin operation of the microenterprise.
(c) An applicant applying on behalf of an established microenterprise may receive a loan of up to $50,000 to expand, modernize, or otherwise improve an established operation.
(d) The board may reserve a portion of the total fund for use in cooperative loan programs established with the participation of other public or private lenders.
Added by Acts 1989, 71st Leg., ch. 1247, Sec. 6, eff. Sept. 1, 1989. Amended by Acts 1995, 74th Leg., ch. 419, Sec. 5.04, eff. Sept. 1, 1995; Acts 1999, 76th Leg., ch. 1459, Sec. 3, eff. June 19, 1999.
Structure Texas Statutes
Title 3 - Agricultural Research and Promotion
Chapter 44 - Agricultural Diversification and Microenterprise Support Programs
Section 44.002. Creation of Microenterprise Programs
Section 44.0045. Microenterprise Support Program Loans
Section 44.007. Interest Rate Reduction Program
Section 44.009. State Liability Prohibited
Section 44.010. Limitations in Program