HB 1000 enables Texas small businesses in rural areas and opportunity zones to expand, create jobs and revitalize communities, through access to affordable capital
February 6, 2019 Austin — Today, Rep. Chris Paddie (R-Marshall) introduced the Texas Rural and Opportunity Zone Jobs Act (HB 1000) to ensure small business growth, job creation and local economic development in some of Texas’ hardest-hit rural and opportunity zone communities.
“While Texas has long been known as the job creation capital of America, our small businesses – particularly those in rural and distressed communities – are finding it difficult to secure the capital needed to grow and create good jobs,” said Paddie. “The Texas Rural and Opportunity Zone Jobs Act encourages job creation and local economic development, by facilitating access to private sector capital for small businesses in Texas, as well as those looking to relocate, so that all Texans can succeed.”
Through the program, rural and opportunity zone growth funds would work closely with private investors and local community banks to help businesses buy equipment, upgrade facilities or make other improvements needed to expand, grow jobs and strengthen the local economy.
The bill will be carried in the Senate by Kelly Hancock, Chairman of the Senate Business and Commerce Committee.
“This program is a fair, responsible and sustainable way to strengthen businesses and communities across Texas that need a lift – particularly in our rural areas - while boosting our state’s economic competitiveness and growth,” said State Senator Kelly Hancock. “At the same time, it encourages the innovators, business owners and hard-working people of our great state to drive our economy and create new jobs. The legislation also provides transparency, safeguards
and a free market, private sector focus to protect taxpayers and ensure a strong return on investment.”
About the Texas Rural and Opportunity Zone Jobs Act
• Prioritizes the creation and retention of quality jobs in important growth industries and rural communities, further driving the Texas economy forward
• Empowers private sector investment, ensuring a pro-growth, independent program to create high quality jobs and benefit small businesses
• Encourages workforce development and on-the-job training, helping businesses compete in a tight labor market
• Contains important safeguards to protect the state and its taxpayers, including an independent economic impact analysis that demonstrates a positive return on investment, along with job creation requirements and profit-sharing
The Texas Rural and Opportunity Zone Jobs Act would ensure that every Texan has opportunity for economic advancement and upward mobility, while diversifying and growing the state’s economy.
“The Texas Rural and Opportunity Zone Jobs Act program is welcomed by TEDC members who work tirelessly every day to create jobs in their local communities,” said Carlton Schwab, President and CEO of the Texas Economic Development Council. “It’s clear that our rural economic development officials need tools and capital to help existing companies expand facilities and create new jobs. As an organization we fully support helping businesses obtain the financing they need to grow, provide good jobs and revitalize our communities and economies.”