Capital Plus Financial Joins Texas Micro-Business Disaster Recovery Loan Program to Support Small Businesses

CPF to Provide Vital Funding to Help Texas Microbusinesses Recover After Declared Disasters

DALLAS – (November 4, 2024) – Capital Plus Financial, a leading Community Development Financial Institution and subsidiary of Crossroads Impact Corp, is proud to announce its participation in the Texas Micro-Business Disaster Recovery Loan Program. This initiative provides essential access to capital for microbusinesses impacted by declared disasters, helping them recover and rebuild. 

Through the MBDR Loan Program, CPF will offer loans to microbusinesses that struggle to secure traditional financing after a disaster. These loans are funded by zero-interest loans from the state of Texas, allowing it to pass on affordable capital to Texas businesses in need.

“Microbusinesses are the backbone of our local economies, providing essential services and jobs,” said Eric Donnelly, CEO of CPF. “Through this program, we’re able to provide a financial lifeline to these businesses at a critical time. Our participation reaffirms our commitment to empowering small businesses by helping them rebuild, regain stability and continue contributing to the economic health of our Texas communities.”

The loans offered through this program target microbusinesses, defined as companies with no more than 20 employees, domiciled in Texas and with at least 95% of their workforce based in the state. Eligible businesses must also be in good standing under Texas law and free of delinquent taxes before the disaster declaration.

CPF’s involvement ensures that Texas microbusinesses, which often struggle to access capital in the aftermath of disaster, will have an avenue for recovery. Exclusively available to CDFIs, this program reinforces CPF’s mission of promoting equitable access to capital by targeting the most vulnerable businesses. The program supports for-profit businesses that do not exceed the franchise tax revenue limit under Texas law, while excluding franchises, national chains, lobbying firms and private equity-backed entities.

The Texas Micro-Business Disaster Recovery Loan Program was established through House Bill 3271, passed during the 87th Legislative Session and signed into law by Governor Greg Abbott on June 18, 2021. Applications opened Oct. 1, and eligible businesses are encouraged to apply to access recovery funds.

For more information on the Texas MBDR Loan Program and how to apply, please visit https://gov.texas.gov/business/page/texas-micro-business-disaster-recovery-program.

About Capital Plus Financial

Certified by the U.S. Treasury as a CDFI, Capital Plus Financial believes minority-owned small businesses and people of color are entitled to equal opportunities in the banking system and is committed to breaking down barriers in communities that have been disenfranchised, underserved, underbanked and underfunded. Capital Plus is the wholly owned subsidiary of Crossroads Impact Corp, a holding company focused on investing in businesses that promote economic vitality and community development. For more information, visit https://capitalplusfin.com/.

About Crossroads Impact Corp

Crossroads Impact Corp is a leading impact lender focused on investing in businesses that promote economic vitality and community development. Its mission is to promote economic vitality through community development and equitable access to capital; and harnessing the power for good to tackle systemic issues within underserved communities. Building on our history of serving minority individuals and small businesses through environmental and responsible social lending, we look to be the leader in providing innovative and sustainable lending solutions. To learn more about Crossroads Impact Corp, visit www.crossroads.com.

Media Contact:

Andy Boian, dovetail solutions for Crossroads Impact Corp

aboian@dovetailsolutions.com | 415-404-2539