Mass. Gen. Laws ch. 23D, sec. 16 — MA Code / Part I / Title II / Chapter 23D / Section 16
Employee-Ownership Revolving Loan Fund
Status: in_force

[ First paragraph effective until August 5, 2025. For text effective August 5, 2025, see below.] Section 16. There shall be established within the Massachusetts Growth Capital Corporation a separate fund to be known as the Employee-Ownership Revolving Loan Fund, the proceeds of which shall be used to provide low interest long term loans to individuals for the purchase of such individual's ownership interest in an employee-owned business. The fund shall consist of all monies designated for that fund by the board of directors of the Massachusetts Development Finance Agency, in consultation with the director of the Massachusetts center for employee ownership. [ First paragraph as amended by 2025, 14, Sec. 9 effective August 5, 2025. For text effective until August 5, 2025, see above.] There shall be established within the Massachusetts Development Finance Agency a separate fund to be known as the Employee-Ownership Revolving Loan Fund, the proceeds of which shall be used to provide low interest long term loans to individuals for the purchase of such individual's ownership interest in an employee-owned business. The fund shall consist of all monies designated for that fund by the board of directors of the Massachusetts Development Finance Agency, in consultation with the director of the Massachusetts center for employee ownership. Said board shall administer the employee-ownership revolving loan fund program. The application process and the terms and conditions of approving such loans shall be determined by the board in consultation with the director. Said fund shall be subject to the reporting and auditing requirements of section 56 of chapter 23A.

[ First paragraph effective until August 5, 2025. For text effective August 5, 2025, see below.]

Section 16. There shall be established within the Massachusetts Growth Capital Corporation a separate fund to be known as the Employee-Ownership Revolving Loan Fund, the proceeds of which shall be used to provide low interest long term loans to individuals for the purchase of such individual's ownership interest in an employee-owned business. The fund shall consist of all monies designated for that fund by the board of directors of the Massachusetts Development Finance Agency, in consultation with the director of the Massachusetts center for employee ownership.

[ First paragraph as amended by 2025, 14, Sec. 9 effective August 5, 2025. For text effective until August 5, 2025, see above.]

There shall be established within the Massachusetts Development Finance Agency a separate fund to be known as the Employee-Ownership Revolving Loan Fund, the proceeds of which shall be used to provide low interest long term loans to individuals for the purchase of such individual's ownership interest in an employee-owned business. The fund shall consist of all monies designated for that fund by the board of directors of the Massachusetts Development Finance Agency, in consultation with the director of the Massachusetts center for employee ownership.

Said board shall administer the employee-ownership revolving loan fund program. The application process and the terms and conditions of approving such loans shall be determined by the board in consultation with the director. Said fund shall be subject to the reporting and auditing requirements of section 56 of chapter 23A.