Budget Amendment ID: FY2018-S3-737

ECO 737

Microlending

Messrs. Pacheco, Cyr, Eldridge, Ross and Humason moved that the proposed new text be amended in section 2, by inserting after line item 7007-0800, the following item:

“xxxx-xxxx: 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 organizations’ lending and technical assistance activities, and provided further that the funds shall be allocated to  SEED Corporation and Common Capital for these purposes….. $200,000.”