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 Growth Capital Corporation in consultation with the director of the industrial services program.
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.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title II - Executive and Administrative Officers of the Commonwealth
Chapter 23d - Employee-Ownership Revolving Loan Fund
Section 1a - Declaration of Need for Employment Skills Training and Education; Findings
Section 2 - Industrial Service Program; Rules; Procedures
Section 3 - Executive Director; Employees; Utilization of Other Agencies' Resources
Section 5 - Private Consultants; Contracts
Section 6 - Sale of Business; Notice to Employees; Assistance for Buyers
Section 16 - Employee–ownership Revolving Loan Fund
Section 17 - Employee Involvement and Ownership Program; Powers and Duties of Director
Section 18 - Duties; Research and Evaluation
Section 19 - Start-Up Programs; Requests for Grants; Memoranda of Understanding
Section 20 - Assistance for Applicants; Outreach Program
Section 21 - Collective Bargaining Agents; Consent
Section 22 - Area Labor-Management Committees
Section 23 - Retaliation for Participation or Nonparticipation
Section 24 - Grants-in-Aid; Application; Approval
Section 26 - Definition of Displaced Homemaker
Section 27 - State-Wide Advisory Council on Displaced Homemakers
Section 28 - Multi-Purpose Service Centers
Section 29 - Report to Governor
Section 30 - Industrial Service Program; Manufacturing Network Grants
Section 31 - Industrial Service Program Annual Report on Program Activities