An Act to establish the Massachusetts loan loss guarantee program for community development financial institutions
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill establishes a loan loss guarantee program in Massachusetts to support community development financial institutions (CDFIs). The program aims to encourage these institutions to make more loans to businesses and organizations in underserved communities. By guaranteeing a portion of these loans, the program reduces the risk for CDFIs and makes it easier for them to provide financing to local businesses and projects. This ultimately supports economic development and community growth within the state.
Key provisions
- Creates a Massachusetts Loan Loss Guarantee Program.
- The program will guarantee loans made by Community Development Financial Institutions (CDFIs).
- The guarantee will reduce the risk of loan defaults for CDFIs.
- The program intends to support lending to businesses and organizations in underserved communities.
- The program is administered by the state's financial institutions.
Who is affected
- Community Development Financial Institutions (CDFIs)
- Businesses in underserved communities
- Massachusetts residents and businesses
- Financial Services Sector
- State Government
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Jacob R. Oliveira
Cosponsors
Jacob R. Oliveira
James B. Eldridge
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