Massachusetts H315 provides upfront down payments and bridge loans to disadvantaged microbusinesses and small businesses securing state contracts.

Massachusetts H315 amends state law to offer upfront down payments and bridge loans to socially or economically disadvantaged microbusinesses and small businesses that secure state contracts. These businesses can access these financial supports through community development financial institutions and non-traditional lenders. The bill mandates that procurement contracts include an initial upfront downpayment of at least 30 percent of the total contract value. The Executive Office for Administration and Finance will issue regulations to ensure compliance with the provisions of this act.

Massachusetts H315 provides upfront down payments and bridge loans to disadvantaged microbusinesses and small businesses securing state contracts.

Massachusetts H315 amends state law to offer upfront down payments and bridge loans to socially or economically disadvantaged microbusinesses and small businesses that secure state contracts. These businesses can access these financial supports through community development financial institutions and non-traditional lenders. The bill mandates that procurement contracts include an initial upfront downpayment of at least 30 percent of the total contract value. The Executive Office for Administration and Finance will issue regulations to ensure compliance with the provisions of this act.