SECTION 1. Chapter 6A of the General Laws is hereby amended by adding the following after the word “program” in Section 16G:- 

Section 16GG. (a) For the purposes of this act the following words and terms shall, except where the context clearly indicates otherwise, have the following meaning:- 

“Micro-business”, a business entity, which has its principal place of business in the commonwealth, is independently owned and operated as a sole proprietorship, partnership, or corporation, with 10 or fewer employees in full-time positions and with a level of gross income from operations of not more than $250,000 annually. 

“Minority-business” or “Minority-owned business”, a business entity, which has its principal place of business in the commonwealth, is independently owned and operated as a sole proprietorship, partnership, or corporation, which is beneficially owned by one or more minority owners as defined by the MOMMOB as a minority business. 

(b) In the Executive Office of Housing and Economic Development, there shall be a Micro and Minority Business Strategy Department, or MOMMOB. Funded through 50% of those funds appropriated annually to the community empowerment reinvestment grant program, the MOMMOB is hereby constituted a public instrumentality and the exercise by the MOMMOB of the powers conferred by this act shall be deemed to be the performance of an essential governmental function and shall work to address the longstanding inequalities for minority businesses owners in gateway communities by assisting in creating opportunities for entrepreneurship. 

(c) The MOMMOB Board shall consist of 9 members, one of whom shall be the Secretary of Housing and Economic Development or a designee; one of whom shall be the assistant secretary of business development or a designee; and one of whom shall be the secretary of the executive office for administration and finance, or a designee. The governor shall appoint the remaining six members, three of whom shall be residents of gateway communities and micro business owners and three of whom shall be minority business owners. Each member appointed by the governor shall serve a term of five years, except that in making initial appointments the governor shall appoint one member to serve for a term of one year, one member to serve for a term of two years, one member for a term of three years, two members for a term of four years, and one member for a term of five years. 

Any person appointed to fill a vacancy in the office of a member shall be appointed in a like manner and shall serve for the duration of the member’s office. 

(d) The MOMMOB shall implement a micro business and minority business economic development strategy separate from small business development to increase employment gateway communities and to develop strategies to address the micro and minority business community in urban areas. 

(e) The MOMMOB shall have the power to: (1) Implement a micro business and minority business economic development strategy; (2) Adopt by-laws for the regulation of its affairs and the conduct of its business; (3) Adopt an official seal; (4) Sue and be sued in its own name; (4) Make and execute contracts and all other instruments necessary or convenient for the exercise of its power and functions; (5) Acquire, hold and dispose of personal property for its corporate purposes; (6) Enter into agreements or other transactions with any federal or state agency; (7) Acquire real property, or an interest therein, by purchase or foreclosure, where such acquisition is necessary or appropriate to protect or secure any investment or loan in which the agency has an interest; to sell, transfer and convey any such property to a buyer and in the event of such sale, transfer or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease such property to a tenant; (8) Employ a chief executive officer of the MOMMOB, and such other agents, employees, professional and business advisers as may from time to time be necessary in the judgment of the board of directors and to fix their compensation. The chief executive officer, professional advisers and business advisers shall not be subject to the provision of chapters 31 or 30.

(f) The director of the MOMMOB created by section 2 of this act shall submit 90 days after the end of the fiscal year, to the clerk of the house of representatives and to the clerk of the senate an annual report of the MOMMOB's activities. 

(g) The accounts and books of the MOMMOB created by section 2 of this act, including its receipts, disbursements, contracts, mortgages, investments and other matters relating to its finances, operations and affairs shall be examined and audited from time to time by the state auditor. 

(h) The MOMMOB shall have the power to promulgate and adopt regulations to implement the purposes of this act. 

SECTION 2. Upon passage of this act, the MOMMOB shall be established on the first day of the following fiscal year.