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SENATE DOCKET, NO. 2044 FILED ON: 1/17/2025
SENATE . . . . . . . . . . . . . . No. 178
The Commonwealth of Massachusetts
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PRESENTED BY:
Adam Gomez
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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 directing capital assistance to microbusinesses and small businesses.
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PETITION OF:
NAME:DISTRICT/ADDRESS :Adam GomezHampden 1 of 2
SENATE DOCKET, NO. 2044 FILED ON: 1/17/2025
SENATE . . . . . . . . . . . . . . No. 178
By Mr. Gomez, a petition (accompanied by bill, Senate, No. 178) of Adam Gomez for legislation
relative to direct equitable capital assistance to microbusinesses and small businesses.
Community Development and Small Businesses.
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Fourth General Court
(2025-2026)
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An Act directing capital assistance to 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. Section 49 of chapter 23G of the General Laws is hereby amended by
2adding the following subsections:-
3 (e) The agency shall seek to direct not less than 25 percent of the financing provided by
4all of its programs, and not less than 50 percent of its growth capital division programs, to
5microbusinesses.
6 (f) The agency shall seek to direct not less than 50 percent of the financing provided by
7all of its programs, and all of the financing provided by its growth capital division, to small
8businesses.
9 (f) The agency shall seek to direct not less than 67 percent of the financing provided by
10all of its programs to socially or economically disadvantaged businesses, which may include, but
11shall not be limited to, minority-owned, women-owned, worker-owned, veteran-owned or
12immigrant-owned small businesses, that have historically faced obstacles to accessing capital. 2 of 2
13 SECTION 2. Chapter 23A of the General Laws, is hereby amended by adding the
14following section:-
15 Section 70: Directing Equitable Assistance to Micro Businesses and Small Businesses
16 Notwithstanding any general or special law to the contrary, unless otherwise specified,
17and whenever possible, the executive office of economic development shall establish policies
18and procedures to prioritize socially or economically disadvantaged businesses, which may
19include, but shall not be limited to, minority-owned, women-owned, veteran-owned or
20immigrant-owned microbusinesses and small businesses, that have historically faced obstacles to
21accessing capital in the awarding of all grants, loans, and other assistance, provided further that
22those policies and procedures shall ensure that:
23 (1) Not less than 25 percent of all grants, loans, and other financial assistance provided
24by all programs across the agency shall be awarded to microbusinesses;
25 (2) Not less than 50 percent of all grants, loans, and other forms of financial assistance
26provided by all programs across the agency shall be awarded to small businesses;
27 (3) Not less than 67 percent of all grants, loans, and other forms of financial assistance
28shall be awarded to socially or economically disadvantaged businesses, which may include, but
29shall not be limited to, minority-owned, women-owned, worker-owned, veteran-owned or
30immigrant-owned small businesses, that have historically faced obstacles to accessing capital.