And if your version of Photoshop doesn't support SVG output (I think that feature is only in CC), you can still get to SVG from Photoshop; it just takes a couple of steps.
- Export to a multi-layer PDF.
- In the Summary section of the PDF export dialog, look for any warnings. If Photoshop indicates that it can't include your text in vector output, change whatever settings it tells you to change so that it can. For example, you need to avoid things like faux bold or layer styles, because Photoshop would then have to rasterize the text into pixels, rather than including it as text.
- Download Inkscape and use it to convert the PDF to an SVG file.
If you do these things, the text should be crisp (and searchable in most readers, as an added bonus).
This all assumes, of course, that the text is, in fact, an actual text layer in Photoshop.