Bill > H3111

This bill establishes the Micro Business Fund, a dedicated financial resource designed to support very small businesses in Massachusetts. The fund will be administered by the micro business development center and will be financed through multiple sources, including: a 0.5% allocation from certain business taxes, 1% of funds from financial institutions under the Community Reinvestment Act, 5% of LLC filing fees, legislative appropriations, and private donations. The fund is unique because money in it will not revert to the General Fund at year's end and will not require further legislative appropriation. The fund's resources will be used to support micro businesses through various means such as professional development, technology assistance, workforce training, business planning, help with procurement and contracting, and market research. The micro business development center will be required to submit an annual report by December 31st detailing the fund's financial contributions, the number of businesses receiving funding, the amounts granted, and the selection process for funding recipients. This bill aims to provide targeted financial support to help very small businesses grow and succeed in Massachusetts.

Budget and Finance

https://malegislature.gov/Bills/194/H3111