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HOUSE DOCKET, NO. 3221 FILED ON: 1/16/2025
HOUSE . . . . . . . . . . . . . . . No. 1349
The Commonwealth of Massachusetts
_________________
PRESENTED BY:
Bud L. Williams
_________________
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act expanding access to banking and commercial insurance for underserved microbusinesses
and small businesses.
_______________
PETITION OF:
NAME:DISTRICT/ADDRESS :DATE ADDED:Bud L. Williams11th Hampden1/16/2025 1 of 5
HOUSE DOCKET, NO. 3221 FILED ON: 1/16/2025
HOUSE . . . . . . . . . . . . . . . No. 1349
By Representative Williams of Springfield, a petition (accompanied by bill, House, No. 1349) of
Bud L. Williams relative to improving access to banking for microbusinesses and small
businesses and for an investigation by a special commission (including members of the General
Court) relative to improve access to commercial insurance for microbusinesses and small
businesses. Financial Services.
The Commonwealth of Massachusetts
_______________
In the One Hundred and Ninety-Fourth General Court
(2025-2026)
_______________
An Act expanding access to banking and commercial insurance for underserved microbusinesses
and small businesses.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
of the same, as follows:
1 SECTION 1. Chapter 23A of the General Laws, is hereby amended by adding the
2following section:-
3 Section 70: Establishing Microbusiness and Small Business Banking Access Working
4Group
5 Section 70. (a) There shall be a microbusiness and small business banking access
6advisory board, hereinafter referred to as the advisory board, to identify opportunities to improve
7access to banking for microbusinesses and small businesses, including but not limited to socially
8and economically disadvantaged enterprises and businesses and nonprofit organizations that
9partner with or receive assistance from the executive office of economic development or the
10Massachusetts development finance agency 2 of 5
11 (b) The advisory board shall consist of: the secretary of economic development or their
12designee, who shall serve as chair; the executive director of the Massachusetts development
13finance agency or their designee who shall serve as vice chair; the commissioner of banks or
14their designee; the house and senate chairs of the joint committee on community development
15and small business or their designees; the house and senate chairs of the joint committee on
16financial services of their designees; the chair and vice chair of the black and latino legislative
17caucus; the house and senate chairs of the caucus of women legislators; 1 member of the house
18who shall be appointed by the minority leader; 1 member of the senate who shall be appointed by
19the minority leader; the executive director of the commission on the status of women established
20under section 66 of chapter 3 of the General Laws; the executive director of Coalition for an
21Equitable Economy of their designee; the executive director of the Black Economic Council of
22Massachusetts or their designee; the executive director of the Massachusetts Association of
23Community Development Corporations or their designee; 1 person appointed by the governor
24who shall own a small business and have experience or expertise related to reducing gender,
25racial and economic disparities in economic development; 1 person appointed by the governor
26who shall own a microbusiness business and have experience or expertise related to reducing
27gender, racial and economic disparities in economic development; 1 person appointed by the
28governor who should currently serve as executive director of a community development
29corporation; 1 person appointed by the governor who should currently serve as executive director
30of a community development financial institutions; 1 person appointed by the governor with
31experience or expertise in nonprofit or other nontraditional lending; 1 person appointed by the
32treasurer with experience or expertise leading the massachusetts small business banking 3 of 5
33partnership; 1 person appointed by the treasurer with experience or expertise leading a business
34support organization; and 1 person to be appointed by the commission on the status of women.
35 (c) The advisory board shall: (i) review and evaluate state and federal programs and
36regulations related commercial banking access for microbusinesses and small businesses,
37including but not limited to those that connect underserved small businesses with banking access
38through business support organizations; (ii) analyze laws, regulations, and programs in other
39states that encourage banking access for microbusinesses and small businesses, particularly
40socially or economically disadvantaged enterprises, including data by race and other relevant
41demographics; (iii) examine opportunities available within existing programs offered by the
42executive office of economic development and the massachusetts development finance agency to
43encourage recipients of capital or technical assistance to make connections with banks and other
44financial institutions through business support organizations and state agencies; and (iv)
45recommend policies to the executive office of economic development, the massachusetts
46development finance agency, and the legislature to further encourage access to banking by
47underserved microbusinesses and small businesses.
48 (d) The commission shall submit its report together with recommendations, if any, to the
49clerks of the house of representatives and the senate not later than June 1, 2026.
50 SECTION 2. Chapter 23A of the General Laws, is hereby amended by adding the
51following section:-
52 Section 71: Establishing Microbusiness and Small Business Commercial Insurance
53Special Legislative Commission 4 of 5
54 Section 71. (a) There shall be a special legislative commission pursuant to section 2A of
55chapter 4 of the General Laws to identify opportunities to improve access to commercial
56insurance for microbusinesses and small businesses, including but not limited to socially and
57economically disadvantaged enterprises and businesses and nonprofit organizations that partner
58with or receive assistance from the executive office of economic development or the
59massachusetts development finance agency.
60 (b) The special legislative commission shall consist of: the house and senate chairs of the
61joint committee on community development and small business, who shall serve as co-chairs; the
62house and senate chairs of the joint committee on financial services; the chair and vice chair of
63the massachusetts caucus of black and latino legislators; the house and senate chairs of the
64caucus of women legislators; 1 member of the house who shall be appointed by the minority
65leader; 1 member of the senate who shall be appointed by the minority leader; the secretary of
66economic development or their designee; the executive director of the massachusetts
67development finance agency or their designee; the commissioner of insurance or their designee;
68the commissioner of banks or their designee; the executive director of the commission on the
69status of women established under section 66 of chapter 3 of the General Laws; the executive
70director of Coalition for an Equitable Economy of their designee; the executive director of the
71Black Economic Council of Massachusetts or their designee; the executive director of the
72Massachusetts Association of Community Development Corporations or their designee; 1 person
73appointed by the governor who shall own a small business and have experience or expertise
74related to reducing gender, racial and economic disparities in economic development; 1 person
75appointed by the governor who shall own a microbusiness business and have experience or
76expertise related to reducing gender, racial and economic disparities in economic development; 1 5 of 5
77person appointed by the governor who should currently serve as executive director of a
78community development corporation; 1 person appointed by the governor who should currently
79serve as executive director of a community development financial institutions; 1 person
80appointed by the governor with experience or expertise in nonprofit or other nontraditional
81lending; 1 person appointed by the treasurer with experience or expertise leading the
82massachusetts small business banking partnership; 1 person appointed by the treasurer with
83experience or expertise leading a business support organization; and 1 person to be appointed by
84the commission on the status of women.
85 (c) The special legislative commission shall: (i) review and evaluate state and federal
86programs and regulations related commercial insurance access for microbusinesses and small
87businesses; (ii) analyze laws, regulations, and programs in other states that encourage
88commercial insurance access for microbusinesses and small businesses, particularly socially or
89economically disadvantaged enterprises, including data by race and other relevant demographics;
90(iii) examine opportunities available within existing programs offered by the executive office of
91economic development and the massachusetts development finance agency to encourage
92recipients of capital or technical assistance to make connections with commercial insurance
93through business support organizations and state agencies; and (iv) recommend policies to the
94executive office of economic development, the massachusetts development finance agency, and
95the legislature, to further encourage access to commercial insurance by underserved
96microbusinesses and small businesses.
97 (d) The commission shall submit its report together with recommendations for
98legislation, if any, to the clerks of the house of representatives and the senate not later than June
991, 2026.