Texas Comptroller Manual of Accounts - Fiscal 2024
Appropriated Fund 0588 – Small Business Incubator Fund

Re-established as a fund in the treasury composed of bond proceeds, application fees, loan repayments, guarantee fees, royalties, dividend income, appropriations, federal grants and any other authorized sources. Includes capital access program amounts transferred from the Economic Development Bank (GR Account 5106). The fund contains a project account, interest and sinking account and other authorized accounts.

Used for administration and to provide financing to foster and stimulate development of small business in this state. May be used for debt service, bond redemption or any associated costs.

Previously under Government Code sec. 481.242.

H.J.R. 51, 71st Leg., R.S., approved by the voters Nov. 7, 1989, added Texas Constitution art. XVI, § 71 authorizing the fund to receive revenue from loan repayments and make debt service payments on the authorized general obligation bonds issued. Amended by H.B. 1860, 71st Leg., R.S.

The fund was repealed by S.B. 932, 75th Leg., R.S. effective 9-1-97, but was recreated by S.B. 275, 78th Leg., R.S. under Government Code sec.489.212.

H.B. 3578, 83rd Leg., R.S. added transfers from GR Account 5106 - Economic Development Bank.

H.B. 1515, 88th Leg., R.S. amends statute and directs the Economic Development Bank (Governor’s Office) to wind up the investment portfolio and upon completion, deposit any remaining earnings to GR Account 5106.