Texas SB222 creates a revolving loan program to help historically underutilized businesses obtain bonds for public work contracts.

The bill establishes a revolving loan program administered by the Texas comptroller to assist historically underutilized businesses in obtaining performance and payment bonds for public work contracts. Eligible businesses can receive loans up to $100,000 if they have not previously entered into a public work contract, up to $200,000 if they have completed at least one contract, and up to $250,000 or $500,000 for subcontractors or prime contractors, respectively, if they have completed two or more contracts.

Texas SB222 creates a revolving loan program to help historically underutilized businesses obtain bonds for public work contracts.

The bill establishes a revolving loan program administered by the Texas comptroller to assist historically underutilized businesses in obtaining performance and payment bonds for public work contracts. Eligible businesses can receive loans up to $100,000 if they have not previously entered into a public work contract, up to $200,000 if they have completed at least one contract, and up to $250,000 or $500,000 for subcontractors or prime contractors, respectively, if they have completed two or more contracts.