The 78th Texas Legislature established the Texas Enterprise Fund (TEF) to provide financial resources to help strengthen the State’s economy. Projects that are considered for TEF support must demonstrate a project’s worthiness, maximize the benefit to the State of Texas and realize a significant rate of return of the public dollars being used for economic development in Texas.
Award dollar amounts are determined using an analytical model applied uniformly to each TEF applicant. This model guarantees that the State of Texas will receive a full return on its investment within the period of a project contract due to the resulting increase in estimated sales tax revenues. Variations in award amounts are influenced by the number of jobs to be created, the expected timeframe for hiring, and the average wages to be paid. In the past, awards have ranged from $194,000 to $50 million.
Learn more about the Texas Enterprise Fund.
The $200 million Texas Emerging Technology Fund (TETF) is a cash grant program designed to help Texas create jobs and grow the economy over the long term by expediting the development and commercialization of new technologies and attracting and creating jobs in technology fields that will form the backbone of our economy. The program works in partnership with the state, institutions of higher education and private industry to focus greater attention on the research, development and commercialization of emerging technology.
Grants are awarded in three areas:
Learn more about the Texas Emerging Technology Fund.
The Texas Product/Business Fund provides asset-based financing to existing technology-focused companies that create products or do business in Texas. Financing is done in the form of direct asset based loans with competitive lending rates. Any business, locating or expanding in Texas, is eligible to apply.
The Office of the Governor, Texas Economic Development Bank administers the Texas Product/Business Fund at the direction of the Governor’s appointed nine-member board. Preference for funding is given to the state’s defined industry clusters including, but not limited to: