An Act empowering disadvantaged state contractors” provides up-front down payments and bridge loans to socially or economically disadvantaged microbusinesses and small businesses that secure state contracts through CDFIs and non-traditional lenders
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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 aims to support socially and economically disadvantaged microbusinesses and small businesses in Massachusetts by providing them with financial assistance. Specifically, it offers up-front down payments and bridge loans to businesses that secure state contracts through Community Development Financial Institutions (CDFIs) and other lenders outside of traditional banking. The goal is to increase opportunities for these businesses to participate in state procurement.
Key provisions
- Provides up-front down payments to eligible businesses.
- Offers bridge loans to help businesses meet initial contract requirements.
- Targets socially and economically disadvantaged microbusinesses and small businesses.
- Supports businesses securing state contracts through CDFIs.
- Expands access to financing for businesses using non-traditional lenders.
- Focuses on supporting businesses that participate in state procurement programs.
Who is affected
- Socially and economically disadvantaged microbusinesses
- Socially and economically disadvantaged small businesses
- CDFIs
- Non-traditional lenders
- State government procurement programs
Notable changes
- Introduces a new mechanism for providing early-stage capital to businesses participating in state contracts.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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