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The bill expands MDFA Growth Capital leadership and creates a formal Growth Capital Advisory Board with guaranteed micro, small, and disadvantaged business input.
The bill expands MDFA Growth Capital leadership and creates a formal Growth Capital Advisory Board with guaranteed micro, small, and disadvantaged business input.
Short title / purpose
- The bill amends Massachusetts General Laws chapter 23G to increase microbusiness and small‑business representation within the Massachusetts Development Finance Agency’s (MDFA) Growth Capital Division and to create a formal Growth Capital Advisory Board to advise agency leadership and the division.
Bill status and timeline (from provided record)
- Introduced: Jan 22, 2025 (Sen. Adam Gómez, Hampden)
- Printed as 180A: Feb 5, 2025
- Passed Senate: June 4, 2025; delivered to the House/Assembly June 4, 2025
- Referred to: Committee on Social Services (most recent referral in record)
- Hearing scheduled: July 15, 2025 (per record)
- Note: the legislative record provided contains duplicated and inconsistent action lines; the core bill text below reflects the Massachusetts state‑level measure contained in the docket.
Key provisions and changes
- Section 1 — Board membership increase
- Amends subsection (b) of G.L. c.23G, §2: increases the number of members from 9 to 12 by replacing the numeral “9” with “12”.
- Adds three specific member positions: (1) the executive director (or designee) of the Coalition for an Equitable Economy; (2) one microbusiness owner; and (3) one small business owner.
Section 2 — Establishes a Growth Capital Advisory Board (new subsections to G.L. c.23G, §48)
Additional representation requirement
Who this affects
- The Massachusetts Development Finance Agency (MDFA), specifically its Growth Capital Division — governance and advisory structures.
- Microbusinesses and small businesses in Massachusetts — increased guaranteed representation in agency governance, program advisory and hiring/screening processes.
- Coalition for an Equitable Economy and small‑business support organizations — statutory seats and ongoing consultative roles.
- Current and prospective participants in Growth Capital Division programs — greater opportunity for participant input.
Potential impacts and implications
- Institutional: formalizes a broader, mandated stakeholder presence (including disadvantaged businesses and program participants) in MDFA decision‑making and advisory processes.
- Programmatic/policy: increased small business input may influence program design, outreach, approval/hiring practices, and prioritization of funds or assistance targeted to micro and disadvantaged small businesses.
- Fiscal: the bill text does not specify funding or new appropriations for implementing the advisory board or added board functions; potential administrative costs (staff time, meeting logistics) are implied but not quantified.
- Procedural: creates new statutory membership requirements and a standing advisory structure with authority to create subcommittees, and requires inclusion of small‑business representation on related committees.
Text references
- Amends G.L. c.23G, §2(b) and adds subsections (i) and (j) to G.L. c.23G, §48.
Compiled from official sources — confirm details with the bill’s official record.
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