MA H3111

Establishes a Micro Business Fund administered by the micro business development center under the Massachusetts Office of Business Development

Fund receives revenue from multiple sources: legislative appropriations, public/private gifts and grants, interest earned, 0.5% of corporate excise taxes (Chapter 63, Section 39), 1% of financial institution Community Reinvestment Act spending, and 5% of LLC initial and annual filing fees

Fund monies do not revert to the General Fund at fiscal year end and are not subject to further appropriation

Expenditures support micro business growth through professional development, technology development, workforce development, business plan development, procurement/contracting aid, and market research

Requires annual report by December 31st to the Office of Economic Development and legislative committees detailing fund credits, number of businesses funded, amounts granted, and selection process