Budget Amendment ID: FY2027-S4-82

ECO 82

Microlending

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

"XXXX-XXXX For grants and loans issued by community development corporations certified under chapter 40H of the General Laws, community development financial institutions certified by the United States Department of the Treasury, United States Small Business Administration microlenders, United States Department of Agriculture microlenders, and nonprofit organizations for the deployment of microenterprise and small business loans, and for technical assistance grants to support such businesses; provided, that not less than $1,000,000 shall be designated for loans and grants to Black, Latino, Indigenous, immigrant, and other historically underserved small businesses; and provided further, that not later than January 12, 2027, the administering agency shall submit a report to the house and senate committees on ways and means and the joint committee on community development and small businesses detailing the organizations receiving funds, the amounts awarded, the number of businesses served, and the criteria considered in distributing funds .............................................................. $2,500,000"