Section 16 Employee-Ownership Revolving Loan Fund; administration - Massachusetts Statutes

Section 16. There shall be established within the economic stabilization trust 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. Said fund shall consist of all monies designated therefor by the board of trustees of the Economic Stabilization Trust Fund in consultation with the director.

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 Employee-Ownership Revolving Loan Fund shall be subject to the same reporting and auditing requirements as the economic stabilization trust, as provided in sections fourteen and fifteen.