Budget Amendment ID: FY2019-S4-842-R1

Redraft ECO 842

Microlending

Messrs. Pacheco, Lesser, Eldridge, Welch, Cyr, O'Connor and Tran moved that the proposed new text be amended in section 2, by inserting after line item 7007-0800, the following new item:

“7007-0801 For microlending grants which shall be issued to established United States Treasury-certified  community development financial institutions that leverage a dollar for dollar federal match and United States Small Business Administration microlenders 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 Massachusetts office of business development shall file an annual report with the senate and house committees on ways and means identifying: (i) the United States Treasury-certified community development financial institutions receiving grant issuances; (ii) the names and loan amounts of each business receiving grant funds from the lending institution; (iii) the federal dollar match received as a result of making the loan; (iv) the number of jobs created through the business loans; and (v) the number of failed loans …………………... $200,000.”