Bill > S306

This bill establishes a new pilot grant program through the Executive Office of Housing and Economic Development to support startup companies in Massachusetts. The program will offer ten competitive grants totaling $500,000, with each grant aimed at supporting newly emerged business ventures owned by Massachusetts residents. A startup company is defined as a new business that seeks to develop a viable business model to address a marketplace need. The Executive Office will develop the specific eligibility criteria and application guidelines, with the application period to open no later than December 1, 2025, and grant funding to be awarded by July 1, 2026. Additionally, the office is required to submit a detailed report to the state legislature by July 1, 2027, describing the pilot program's progress and analyzing the economic impact of the grants on the recipient startup companies. This initiative appears designed to stimulate local economic development by providing financial support and resources to early-stage Massachusetts businesses.

Business and Industry

https://malegislature.gov/Bills/194/S306