Budget Amendment ID: FY2016-S3-349-R1

Redraft ECO 349

Microlending

Ms. Flanagan, Mr. Eldridge and Ms. Gobi moved that the proposed new text be amended in section 2, by inserting after item 7007-0800 the following item: “7007-0801 For microlending grants of up to $100,000 which shall be issued to established community development financial institutions and community advantage lenders making direct microenterprise and small business loans to borrowers on a regional basis, and providing technical assistance to applicants and borrowers in order to foster business establishment and success; provided, that the funds shall be used to support the eligible organization's lending and technical assistance activities; and provided further, that not less than $100,000 shall be granted to the North Central Massachusetts region for these purposes…… $100,000”