Section 69: Micro business development center
[ Subsection (a) effective until November 20, 2024. For text effective November 20, 2024, see below.]
Section 69. (a) The MOBD shall establish a micro business development center, in this section referred to as the center, which shall foster micro businesses in the commonwealth by providing resources, including information on available loans, grants and technical assistance. The center shall provide micro businesses with information and technical assistance related to aspects of micro business management, including but not limited to, (i) business plan development; (ii) technology development; (iii) lending assistance; (iv) market research support; and (v) procurement and contracting aid. For the purposes of this section, the term "micro business'' shall mean a business: (i) with no more than 5 employees; (ii) located in a census tract as reported in the most recently completed decennial census published by the United States Census Bureau that has a median household income not greater than 80 per cent of the statewide median household income; and (iii) with no more than $250,000 in annual revenue.
[ Subsection (a) as amended by 2024, 238, Sec. 45 effective November 20, 2024. For text effective until November 20, 2024, see above.]
(a) The MOBD shall establish a micro business development center, in this section referred to as the center, which shall foster micro businesses in the commonwealth by providing resources, including information on available loans, grants and technical assistance. The center shall provide micro businesses with information and technical assistance related to aspects of micro business management, including but not limited to, (i) business plan development; (ii) technology development; (iii) lending assistance; (iv) market research support; and (v) procurement and contracting aid. For the purposes of this section, "micro business'' shall mean a business entity with: (i) a principal place of business in the commonwealth; (ii) not more than 10 full-time employees; (iii) annual net profit of not more than $250,000; and (iv) annual revenue not to exceed a threshold amount established by the director of the MOBD, provided that such threshold amount shall be not less than $250,000.
[ Subsection (b) effective until February 18, 2025. For text effective February 18, 2025, see below.]
(b) The center shall advise the Massachusetts Growth Capital Corporation in the design, administration and disbursement of loans and grants to entrepreneurs in the commonwealth for low and moderate-income entrepreneurs who are forming, running or expanding microbusinesses in the commonwealth.
[ Subsection (b) as amended by 2024, 238, Sec. 46 effective February 18, 2025. See 2024, 238, Sec. 331. For text effective until February 18, 2025, see above.]
(b) The center shall advise the growth capital division of the Massachusetts Development Finance Agency in the design, administration and disbursement of loans and grants to entrepreneurs in the commonwealth for low and moderate-income entrepreneurs who are forming, running or expanding microbusinesses in the commonwealth.
(c) The center may expend funds as may be appropriated therefor, accept federal funds, or private gifts and grants to assist in carrying out the purposes as set forth in this section.