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| 2 | 2 | | SENATE DOCKET, NO. 2044 FILED ON: 1/17/2025 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 178 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Adam Gomez |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act directing capital assistance to microbusinesses and small businesses. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Adam GomezHampden 1 of 2 |
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| 16 | 16 | | SENATE DOCKET, NO. 2044 FILED ON: 1/17/2025 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 178 |
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| 18 | 18 | | By Mr. Gomez, a petition (accompanied by bill, Senate, No. 178) of Adam Gomez for legislation |
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| 19 | 19 | | relative to direct equitable capital assistance to microbusinesses and small businesses. |
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| 20 | 20 | | Community Development and Small Businesses. |
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| 21 | 21 | | The Commonwealth of Massachusetts |
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| 22 | 22 | | _______________ |
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| 23 | 23 | | In the One Hundred and Ninety-Fourth General Court |
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| 24 | 24 | | (2025-2026) |
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| 25 | 25 | | _______________ |
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| 26 | 26 | | An Act directing capital assistance to microbusinesses and small businesses. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 28 | 28 | | of the same, as follows: |
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| 29 | 29 | | 1 SECTION 1. Section 49 of chapter 23G of the General Laws is hereby amended by |
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| 30 | 30 | | 2adding the following subsections:- |
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| 31 | 31 | | 3 (e) The agency shall seek to direct not less than 25 percent of the financing provided by |
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| 32 | 32 | | 4all of its programs, and not less than 50 percent of its growth capital division programs, to |
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| 33 | 33 | | 5microbusinesses. |
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| 34 | 34 | | 6 (f) The agency shall seek to direct not less than 50 percent of the financing provided by |
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| 35 | 35 | | 7all of its programs, and all of the financing provided by its growth capital division, to small |
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| 36 | 36 | | 8businesses. |
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| 37 | 37 | | 9 (f) The agency shall seek to direct not less than 67 percent of the financing provided by |
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| 38 | 38 | | 10all of its programs to socially or economically disadvantaged businesses, which may include, but |
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| 39 | 39 | | 11shall not be limited to, minority-owned, women-owned, worker-owned, veteran-owned or |
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| 40 | 40 | | 12immigrant-owned small businesses, that have historically faced obstacles to accessing capital. 2 of 2 |
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| 41 | 41 | | 13 SECTION 2. Chapter 23A of the General Laws, is hereby amended by adding the |
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| 42 | 42 | | 14following section:- |
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| 43 | 43 | | 15 Section 70: Directing Equitable Assistance to Micro Businesses and Small Businesses |
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| 44 | 44 | | 16 Notwithstanding any general or special law to the contrary, unless otherwise specified, |
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| 45 | 45 | | 17and whenever possible, the executive office of economic development shall establish policies |
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| 46 | 46 | | 18and procedures to prioritize socially or economically disadvantaged businesses, which may |
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| 47 | 47 | | 19include, but shall not be limited to, minority-owned, women-owned, veteran-owned or |
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| 48 | 48 | | 20immigrant-owned microbusinesses and small businesses, that have historically faced obstacles to |
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| 49 | 49 | | 21accessing capital in the awarding of all grants, loans, and other assistance, provided further that |
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| 50 | 50 | | 22those policies and procedures shall ensure that: |
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| 51 | 51 | | 23 (1) Not less than 25 percent of all grants, loans, and other financial assistance provided |
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| 52 | 52 | | 24by all programs across the agency shall be awarded to microbusinesses; |
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| 53 | 53 | | 25 (2) Not less than 50 percent of all grants, loans, and other forms of financial assistance |
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| 54 | 54 | | 26provided by all programs across the agency shall be awarded to small businesses; |
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| 55 | 55 | | 27 (3) Not less than 67 percent of all grants, loans, and other forms of financial assistance |
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| 56 | 56 | | 28shall be awarded to socially or economically disadvantaged businesses, which may include, but |
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| 57 | 57 | | 29shall not be limited to, minority-owned, women-owned, worker-owned, veteran-owned or |
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| 58 | 58 | | 30immigrant-owned small businesses, that have historically faced obstacles to accessing capital. |
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