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December 09, 2025 Clouds | 28°F
The 194th General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title II EXECUTIVE AND ADMINISTRATIVE OFFICERS OF THE COMMONWEALTH
  4. Chapter 23D EMPLOYEE–OWNERSHIP REVOLVING LOAN FUND
  5. Section 16 Employee-Ownership Revolving Loan Fund

Section 16

Section 16: Employee-Ownership Revolving Loan Fund

[ First paragraph effective until February 18, 2025. For text effective February 18, 2025, see below.]

  Section 16. There shall be established within the Massachusetts Growth Capital Corporation a separate fund to be known as the Employee-Ownership Revolving Loan Fund, the proceeds of which shall be used to provide low interest long term loans to individuals for the purchase of such individual's ownership interest in an employee-owned business. The fund shall consist of all monies designated for that fund by the board of directors of the Massachusetts Growth Capital Corporation in consultation with the director of the Massachusetts center for employee ownership.

[ First paragraph as amended by 2024, 238, Sec. 48 effective February 18, 2025. See 2024, 238, Sec. 331. For text effective until February 18, 2025, see above.]

  There shall be established within the Massachusetts Growth Capital Corporation a separate fund to be known as the Employee-Ownership Revolving Loan Fund, the proceeds of which shall be used to provide low interest long term loans to individuals for the purchase of such individual's ownership interest in an employee-owned business. The fund shall consist of all monies designated for that fund by the board of directors of the Massachusetts Development Finance Agency, in consultation with the director of the Massachusetts center for employee ownership.

  Said board shall administer the employee-ownership revolving loan fund program. The application process and the terms and conditions of approving such loans shall be determined by the board in consultation with the director. Said fund shall be subject to the reporting and auditing requirements of section 56 of chapter 23A.