Bill > S234

This bill aims to promote inclusive entrepreneurship and economic justice. It does this in several ways: 1. It requires the annual report on economic development funds to include an analysis of the share of such funds provided to minority-owned businesses. 2. It mandates the development of a comprehensive economic development policy 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 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 non-white population of at least 20%, or cultural/commercial districts serving underrepresented communities. 4. 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. 5. It directs all appointive boards and commissions in the Commonwealth to adopt policies and practices to increase the racial and ethnic diversity of their membership, with the goal of reflecting the general public by 2025. Overall, this bill aims to promote equity and inclusion in economic development, small business support, and public board/commission representation.

Business and Industry

https://malegislature.gov/Bills/193/S234