Bill > H505

This bill aims to promote inclusive entrepreneurship and economic justice. The key provisions include: 1. Requiring annual reports on the share of economic development funds administered by state agencies that are provided to minority-owned businesses. 2. Mandating that the state's comprehensive economic development policy and strategic plan assess racial and ethnic disparities in employment and business ownership, and include an analysis of how the initiatives will contribute to reducing such disparities. 3. Establishing 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 significant non-white population, or cultural/commercial districts serving underrepresented communities. 4. Requiring the Division of Banks to collect and analyze small business lending data, including from online lenders, to assess the impacts on minority borrowers. 5. Directing all appointive boards and commissions in the Commonwealth to adopt policies and practices to increase the racial and ethnic diversity of their membership, and requiring the state to publish annual reports on the demographic data of board and commission applicants, nominees, and appointees.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/192/H505