MA H1348

Creates a loan loss guarantee program within the Massachusetts Development Finance Agency to cover up to 80% of eligible loan losses incurred by community development financial institutions (CDFIs) and nonprofit lenders

Prioritizes loans serving microbusinesses, small businesses in low-income communities, Gateway Cities, and minority-owned, women-owned, worker-owned, and socially disadvantaged enterprises

Funding sources include state appropriations, fees on CDFIs, private and philanthropic contributions, federal funds, and unspent revenue from the Transformative Development Fund

Establishes an advisory board including representatives from CDFIs, nonprofit lenders, national and state banks, credit unions, and organizations such as BECMA, The Boston Foundation, and MACDC, chaired by the Secretary of Economic Development

Requires annual reports to the General Court within 90 days of fiscal year end detailing program impact, financial performance, and recommended improvements