Bill > S178

This bill aims to direct more equitable capital assistance to microbusinesses and small businesses by establishing specific percentage targets for financial support through state economic development programs. The bill requires the state economic development agency to seek to allocate at least 25% of its financing programs to microbusinesses (typically defined as businesses with 1-9 employees), at least 50% to small businesses (generally businesses with fewer than 500 employees), and at least 67% to socially or economically disadvantaged businesses. These disadvantaged businesses specifically include minority-owned, women-owned, worker-owned, veteran-owned, and immigrant-owned businesses that have historically struggled to access capital. The legislation mandates that the Executive Office of Economic Development create policies and procedures to prioritize these underserved business categories when awarding grants, loans, and other financial assistance, with the goal of providing more equitable economic opportunities and support to smaller and historically marginalized business owners. By setting these clear percentage targets, the bill seeks to address long-standing disparities in business financing and economic development support.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S178