Bill > S270

This bill aims to promote inclusive entrepreneurship and economic justice. It has several key provisions: 1. It requires state agencies to report on the share of economic development funds provided to minority-owned businesses certified under federal or state law. 2. It mandates the development of a comprehensive economic development policy for the Commonwealth that includes an assessment of racial and ethnic disparities in employment and business ownership, and how the policy will contribute to reducing such disparities. 3. It requires major anchor institutions (hospitals, colleges, and universities) to submit annual reports on their efforts to engage with and procure from certified minority-owned businesses, and makes this information publicly available. 4. It establishes the Small Business District Improvement Fund, which will provide matching grants to implement district management strategies in commercial areas located in gateway municipalities, municipalities with a majority non-white population, or cultural/commercial districts serving underrepresented communities. 5. It requires the Division of Banks to collect and analyze small business lending data, including from online lenders, to assess the impacts on minority borrowers. 6. It mandates that all public boards and commissions in the Commonwealth adopt policies and practices to increase racial and ethnic diversity of their membership, and report on their progress annually.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/192/S270