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 House
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates a loan loss guarantee program within the Massachusetts Development Finance Agency. The program will support community development financial institutions (CDFIs) and other nonprofit and non-traditional lenders by guaranteeing their loans. This aims to increase access to capital for businesses and organizations in underserved communities throughout Massachusetts.
Key provisions
- Establishes a loan loss guarantee program within the Massachusetts Development Finance Agency.
- The program will cover loans made by certain community development financial institutions.
- The program will also include other nonprofit and non-traditional lenders.
- The Massachusetts Development Finance Agency will administer the program.
- The program's goals are to support economic development in underserved communities.
- The program will be subject to certain eligibility requirements for lenders and borrowers.
Who is affected
- Community Development Financial Institutions (CDFIs)
- Nonprofit lenders
- Businesses in underserved communities
- Massachusetts Development Finance Agency
- Borrowers of participating lenders
Notable changes
- Creates a new state-sponsored guarantee program.
- Expands access to lending for community development lenders.
Bill text
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Sponsors
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4 on record
Primary sponsor
Cosponsors
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