Section 58. The agency is hereby authorized to do the following:
(a) to enter into a contract with the Massachusetts business development corporation, hereinafter referred to as MBDC, established under the provisions of chapter six hundred and seventy-one of the acts of nineteen hundred and fifty-three, to act as the agent of the agency with respect to the administration of the program. Said contract: (1) shall be for a period of two years and shall be renewed for additional two year periods subject to the requirements of paragraph (b) of this section; and (2) shall provide for compensation and reimbursement of the agent on terms the agency may deem appropriate for the administration of said program for any expenses incurred by the MBDC in connection with its services as agent and for such other services as the agency may deem appropriate including, but not limited to the use of the premises, personnel and personal property of the MBDC.
(b) conduct an annual review and assessment of the performance of the MBDC in its capacity as agent for the agency to determine whether the contract referenced in paragraph (a) should be renewed for an additional two year period. Said review shall be based on whether the MBDC has satisfactorily met the terms and conditions of the contract.
Upon an initial determination by the agency that the MBDC’s performance is unsatisfactory, the MBDC shall be given the opportunity to take corrective action. If, upon a final review of the MBDC’s performance the agency continues to conclude that the MBDC’s performance is unsatisfactory, it shall submit to the joint committee on commerce and labor its recommendation to terminate the contract with MBDC and transfer the contract to another agency.
(c) to make and publish rules and regulations respecting the implementation of the small business capital access program established by this section and any other rules and regulations necessary to fulfill the purposes of this section; and
(d) to do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this section.