Establishes the Office of Employee Ownership to support employee-owned enterprises through grants, loans, and technical assistance.
The Employee Ownership Assistance Program Act establishes the Office of Employee Ownership within the Department of Community and Economic Development. This office will advocate for employee-owned enterprises, increase awareness of government programs affecting such enterprises, and promote necessary legislative or regulatory changes. The office will provide technical and financial assistance, including grants up to $35,000 for businesses with fewer than 200 employees. It will also establish the Main Street Employee Ownership Grant Program for eligible businesses.
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