Amendment #18 to H4187

Expanding the Impact of the Cannabis Social Equity Trust Fund

Mr. Vargas of Haverhill moves to amend the bill by inserting after section 59 the following section:

“SECTION 60. Section 14A of Chapter 94G of the General Laws is amended by inserting, at the end of the section, the following subsection:

(g) The executive office of economic development, in consultation with the advisory board, shall establish a program to guarantee loans through Community Development Financial Institutions, non-traditional nonprofit lenders, credit unions, and banks using a portion of the fund.

(i) The executive office of economic development, in consultation with the advisory board, shall convene at least one public listening session for stakeholders to provide feedback regarding the amount or percent of available funds that should be used for this program and other program details; the types, amounts, and qualifications for loans; and any other related topics the executive office of economic development or the advisory board wish to investigate. The executive office of economic development or a majority vote of the advisory board may elect to hold additional public listening sessions. The executive office of economic development will endeavor to ensure all interested parties, particularly social equity businesses, community development financial institutions, and underrepresented and underserved lenders are given ample notice of public meetings and adequate opportunity to testify at public listening sessions and may partner with the cannabis control commission, the commissioner of banks, other departments and divisions within the executive office, and community partners to encourage participation.

(ii) The executive office of economic development, in consultation with the advisory board, shall convene a stakeholders working group to provide feedback and guidance in the development of this program. The working group shall include the fund manager, the secretary of the executive office of economic development or their designee, the commissioner of banks of their designee, the director of the growth capital division of the Massachusetts development finance agency or their designee, the chairs of the joint committee on cannabis policy committee or their designees, the chairs of the joint committee on ways and means or their designees, the chairs of the joint committee on financial services or their designee, the chairs of the joint committee on community development and small business or their designee, the chair of the Massachusetts cannabis control commission or their designee, the executive director of the cannabis control commission or their designee, three social equity businesses owners appointed by the governor, three social equity business owners appointed by the treasurer and receiver general, three social equity business owners appointed by the attorney general, one community development financial institution leader appointed by the governor, one bank leader appointed by the governor, one credit union leader appointed by the governor, and the executive director of the eon foundation or their designee.

(iii) The advisory board, in consultation with the working group and the executive office of economic development, shall approve the percent or amount of available funds to be used for this program.

(iv) The advisory board, in consultation with the executive office of economic development and the working group shall promulgate regulations governing the structure and administration of the program.”