Amendment #587 to H5500

Southeastern Economic Development Corporation and Common Capital

Mr. Gallagher of Bridgewater moves to amend the bill in section 2 by inserting after item 7007-0800 the following item:

"; For microlending grants, which shall be issued to established United States Treasury-certified community development financial institutions, United States Small Business Administration microlenders and United States Department of Agriculture 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; provided further, that not later than February 14, 2027, the Massachusetts office of business development shall submit a report to the house and senate committees on ways and means identifying the: (i) United States Treasury-certified community development financial institutions receiving grant issuances; (ii) names and loan amounts of each business receiving grant funds from the lending institution; (iii) federal dollar match received as a result of making the loan; (iv) number of jobs created through the business loans; and (v) number of failed loans; provided further, that not less than $100,000 shall be expended for the South Eastern Economic Development Corporation for these purposes; and provided further, that not less than $100,000 shall be expended for Common Capital, Inc. for these purposes ....................... $1,500,000

Additional co-sponsor(s) added to Amendment #587 to H5500

Southeastern Economic Development Corporation and Common Capital