Governor Rick Perry has Announced Two Texas Enterprise Fund Invesments into The Charles Scwab Corporation
Governor Rick Perry recently announced two Texas Enterprise Fund investments.
Both investments will be allocated to The Charles Schwab Corporation. $1.4 million will be used by the corporation to expand into El Paso with the intention of creating 445 jobs and $21.5 million in capital investment over the next decade. $4.5 million will be invested into Schwab’s existing operations in Texas’ Capitol. The investment is expected to create over 800 jobs and return $210 million in capital investment over the next decade contingent upon finalization of a local incentive package.
“Texas has focused on creating an economic climate that grows all industries, from high tech to energy to financial services, through our combination of low taxes, smart regulations, fair courts and skilled workforce,” Perry said. “These TEF investments in Schwab are the latest in a long line of expansions in El Paso and Austin that will create hundreds of jobs and opportunity for Texans.”
Schwab, which is headquartered in San Francisco, said El Paso will house the newest major employment center for the corporation. Borderplex Alliance, a non-profit that provides consultation to businesses considering relocating or expanding into El Paso, CEO Rolando Pablos said they were excited to see Schwab expand.
“Schwab’s presence expands our region’s solid financial business services cluster by adding over 445 new jobs in our region,” said Pablos. “I want to thank Governor Perry and Mayor Leeser for their continued commitment to bringing high quality jobs to the area.”
The Texas Legislature created the Texas Enterprise Fund in 2003 and has reauthorized its funding seven times. According to the Governor’s office, TEF has invested over $500 million to date and generated 75,000 jobs.