Legislative hearing highlights need to scale MassLEADS, CDFI funding and small-business technical assistance

The Joint Committee on Community Development and Small Business heard unified testimony that state investments in community development financial institutions and small-business technical assistance must be expanded and sustained to meet demand.

Witnesses said Massachusetts has allocated new dollars through the MassLEADS effort but that CDFIs, technical assistance providers and microgrant programs need ongoing funding and clearer implementation to reach micro and immigrant-owned businesses.

The issue came up repeatedly in testimony from state and community leaders. "The MassLEAD includes important supports for small business such as $35,000,000 for community development financial institutions (CDFI) grants," said Deco Jabril, director of small business development at the Executive Office of Economic Development. He told the committee the administration is also setting aside $25,000,000 for small-business technology and $10,000,000 for a small-business match grant program as part of the law the governor signed.

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