Sec. 481.415. ALLOCATION AND TRANSFER OF MONEY FROM CAPITAL ACCESS FUND. (a) Notwithstanding any other provision of this subchapter, the bank may allocate money held in or due to the capital access fund to programs administered by the bank under Section 489.108 or Subchapter D, Chapter 489. The bank may transfer money from the capital access fund to the Texas product development fund or the Texas small business incubator fund.
(b) Notwithstanding Subchapter D, Chapter 489, the bank may use money transferred under Subsection (a) to make loans to small or medium-sized businesses, governmental entities, or nonprofit organizations. A business, governmental entity, or nonprofit organization that receives a loan under this subsection may:
(1) use the money for any project, activity, or enterprise in this state that fosters economic development; or
(2) hold the money in a reserve account created as a condition of the extension of the loan.
Added by Acts 2013, 83rd Leg., R.S., Ch. 1092 (H.B. 3578), Sec. 1, eff. September 1, 2013.
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