Budget Amendment ID: FY2027-S4-1152

LOC 1152

Microlending Grants

Mr. Fernandes moved that the proposed new text be amended in section 2, by inserting the following item;- "in section 2 by inserting after item 7007-0800 the

following item:

"xxxx=xxxx..For microlending grants, which shall be issued to established United States Treasury-certified communitydevelopment 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"