Up to $1,500,000 ($2,000,000 in certain situations) or 40% of the eligible project costs, whichever is less. Certain manufacturers are eligible for up to $4,000,000. Proceeds may be used only for Fixed assets. The interest rate is 1 1/2% above the 5 and 10 year treasury notes on the SBA portion and the term is 10 or 20 years based on the life of the asset. A typical loan will have a first mortgage of 50%, a 504 debt of 40% and equity of 10%. A one-time fee applies and can be financed as part of the loan.
The Skills Development Fund is Texas' premier job-training program providing local customized training opportunities for Texas businesses and workers to increase skill levels and wages of the Texas workforce. The Texas Workforce Commission administers funding for the program. Success is achieved through collaboration among businesses, public community and technical colleges, Workforce Development Boards and economic development partners.