Texas farmers and ranchers may find it easier to get a loan thanks to the help of a partnership of the Texas Department of Agriculture (TDA) and three Community Development Financial Institutions (CDFI). The partnership created an agency called Capital For Texas (C4T).
The TDA will work with PeopleFund, LiftFund and Business and Community Lenders of Texas to increase access to funds for small and rural businesses. This effort will also allow private companies to make market-driven decisions, which could allow them to grow.
C4T is a result of the U.S. Department of the Treasury’s State Small Business Credit Initiative.
“This program supports TDA’s goals of empowering rural communities to cultivate winning strategies for economic growth by providing financing options to small businesses and manufacturers that are creditworthy but are not getting the loans they need to expand and create jobs. Loans for the C4T program will range from $5,000 to $350,000, with an average investment of less than $100,000,” TDA said.