Economic Development Bank
The Economic Development Bank provides flexible funding and oversight of several finance and tax incentive programs. The incentive programs target three key audiences which include Texas businesses, Texas communities and Texas lending institutions. The Economic Development Bank programs include Finance Programs, Enterprise Programs and Small Business Assistance.
The Bank’s effectiveness is measured by the number of jobs created and retained and the total amount of non state funds leveraged as a result of the bank’s efforts.
The Bank offers a variety of financial incentives to help communities and businesses in this state compete and succeed in the global marketplace. The Bank also helps communities get financing to fund their economic development efforts.
The Texas Economic Development Bank was established for the purpose of:
- Providing globally competitive, cost-effective state incentives to expanding businesses operating in this state and businesses relocating to this state
- Ensuring that communities and businesses in this state have access to capital for economic development purposes
- Provide qualifying communities with tax incentives for businesses expanding or relocating to this state.
- Provide Incentives to lenders to:
- Make loans to near-bankable businesses in the lender’s community
- Make low-interest loans to qualifying businesses
- Provide bond-based long-term debt financing for capital investment in public entities, in large commercial and industrial projects, and for other economic development purposes
- Act as a link between businesses searching for investment capital and potential investors
- Inform institutional lenders of economic development plans and strategies for each region of this state and encourage institutional lenders to support those plans in their marketing and investment strategies
- Offer communities a one-stop source of financing for their economic development efforts
- Provide communities with technical assistance in the development of their incentive programs to attract and retain businesses and in the design of incentive packages for specific proposals
- Provide expanding businesses or businesses relocating to this state with a single source of information concerning financial incentives offered by this state to those businesses.
- Emerging Technology Fund
- Enterprise Fund
- Loan Assistance
- Tax Incentives