An Act to establish the Massachusetts loan loss guarantee program for community development financial institutions
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
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 provide loans to underserved communities and small businesses that might otherwise struggle to secure financing. By guaranteeing a portion of these loans, the program reduces the risk for lenders and encourages them to invest in economic development initiatives. This will ultimately help to expand access to capital for businesses and residents in Massachusetts.
Key provisions
- Creates a loan loss guarantee program.
- The program will support Community Development Financial Institutions (CDFIs).
- The program guarantees loans to businesses and residents in underserved communities.
- The guarantee reduces risk for lenders.
- The program aims to increase access to capital.
- The program is administered by the state.
- The program will be overseen by the Committee on Financial Services.
- The program is subject to certain eligibility requirements for both lenders and borrowers.
Who is affected
- Community Development Financial Institutions (CDFIs)
- Small Businesses
- Underserved Communities
- Lenders
- Massachusetts Residents
Notable changes
- Establishes a new state-backed guarantee program.
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Jacob R. Oliveira
Cosponsors
Jacob R. Oliveira
James B. Eldridge
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours