S815
An Act to establish the Massachusetts loan loss guarantee program for community development financial institutions
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- Passed Senate
- Passed House
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Bill 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
Sponsors
Official sponsors from legislative records.
Primary sponsor
Jacob R. Oliveira
Cosponsors
Jacob R. Oliveira
James B. Eldridge
Arguments in favor
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Bill S.815 194th (Current)
An Act to establish the Massachusetts loan loss guarantee program for community development financial institutions
By Mr. Oliveira, a petition (accompanied by bill, Senate, No. 815) of Jacob R. Oliveira for legislation to establish the Massachusetts loan loss guarantee program for community development financial institutions. Financial Services.
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Bill Information
Bill Information
Presenter: Jacob R. Oliveira Status: Referred to Senate Committee on Ways and Means
Tabs
Bill History Petitioners Committee Vote Committee Summary Primary Sponsor Summary
Bill History
Displaying 5 actions for Bill S.815
| Date | Branch | Action |
| 2/27/2025 | Senate | Referred to the committee on Financial Services |
| 2/27/2025 | House | House concurred |
| 11/7/2025 | Joint | Hearing scheduled for 11/18/2025 from 10:30 AM-01:00 PM in A-2 |
| 11/7/2025 | Joint | Hearing rescheduled to 11/18/2025 from 10:30 AM-01:00 PM in A-2 and Virtual Hearing updated to include Virtual |
| 1/15/2026 | Senate | Bill reported favorably by committee and referred to the committee on Senate Ways and Means |
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