This text of Massachusetts § 56 (Economic coordination of quasi-public entities and public purpose agencies by secretary of economic development) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Section 56.
(a)The secretary of economic development shall coordinate the quasi-public entities and public purpose agencies of the commonwealth as to their economic development projects, programs and plans.
(b)The secretary shall aggregate the data submitted under subsection (i) of section 16G of chapter 6A and shall, not later than December 31, submit an annual report to the secretary of administration and finance, the house and senate committees on ways and means, the joint committee on economic development and emerging technologies, the joint committee on labor and workforce development, the joint committee on small business and community development and the joint committee on higher education. The report shall include an analysis of all public lending activities to businesses with an
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Section 56. (a) The secretary of economic development shall coordinate the quasi-public entities and public purpose agencies of the commonwealth as to their economic development projects, programs and plans.(b) The secretary shall aggregate the data submitted under subsection (i) of section 16G of chapter 6A and shall, not later than December 31, submit an annual report to the secretary of administration and finance, the house and senate committees on ways and means, the joint committee on economic development and emerging technologies, the joint committee on labor and workforce development, the joint committee on small business and community development and the joint committee on higher education. The report shall include an analysis of all public lending activities to businesses with an assessment of the economic impact of those activities and an analysis evaluating public lending to small businesses as defined in section 57.[ Subsection (c) effective until February 18, 2025. For text effective February 18, 2025, see below.](c) In order to fully utilize all appropriate measures to provide risk capital to small businesses in the commonwealth, the Massachusetts Growth Capital Corporation, the Massachusetts Development Finance Agency and the Massachusetts Technology Development Corporation may establish 1 or more small business investment corporations or special small business investment corporations as provided by the federal Small Businesses Equity Enhancement Act of 1992.[ Subsection (c) as amended by 2024, 238, Sec. 42 effective February 18, 2025. See 2024, 238, Sec. 331. For text effective until February 18, 2025, see above.](c) In order to fully utilize all appropriate measures to provide risk capital to small businesses in the commonwealth, the Massachusetts Development Finance Agency and the Massachusetts Technology Development Corporation may establish 1 or more small business investment corporations or special small business investment corporations as provided by the federal Small Businesses Equity Enhancement Act of 1992.(d) The books and records of the quasi-public entities and public purpose agencies of the commonwealth under this section shall be subject to section 12 of chapter 11 and an annual audit conducted by an independent auditor. The results of both audits shall be published in conjunction with the publication of audited financial statements.(e) The secretary of economic development shall from time to time convene the Massachusetts Life Sciences Center established in chapter 23I, the Massachusetts clean energy technology center established in chapter 23J, the Massachusetts Technology Development Corporation established in chapter 40G, the Massachusetts Technology Park Corporation established in chapter 40J, the Massachusetts Technology Transfer Center established in section 12 of said chapter 40G and the Massachusetts Business Development Corporation established in chapter 671 of the acts of 1953, for the purpose of ensuring that: (1) the agencies' projects, programs and plans are coordinated and consistent with this section; (2) the agencies are sharing administrative functions for efficiencies and cost saving measures; (3) the agencies are sharing information that is beneficial to the growth and expansion of technology related companies in the commonwealth; and (4) the agencies are sharing best practices related to assisting technology related companies with debt and equity products and technical assistance.