State Sen. Adam Hinds Announces Rural Growth Fund
While the U.S. Congress is working to determine the fate of the 45th and current president of the United States, Donald J. Trump, who yesterday became the first president to ever be impeached twice – It’s good to know that our State Senator, Adam Hinds, is working hard for our local interests.
Hinds (D-Pittsfield) and Representative Natalie Blais (D-Sunderland) have announced via press release that their legislation to establish the $100 million Massachusetts Rural Growth Fund was secured during the end of the 2019-2020 legislative session.
The Massachusetts Rural Growth Fund will enable small businesses to expand and create private-sector jobs by providing access to affordable, growth capital by establishing the Rural Jobs Tax Credit for businesses that make a capital contribution to a rural growth fund and create a tax credit for contributions to such funds by the applicant.
Hinds referred to long-term, sustainable growth…
A key part of our economic recovery will be to actively incentivize increased investments in our small towns… The Massachusetts Rural Growth Fund gives small businesses, and their communities, the platform to achieve long term, sustainable growth.
Blais says that the legislation is timely…
The ongoing COVID-19 pandemic has exacerbated the economic challenges faced by the 170 rural communities across the Commonwealth… This legislation could not have come at a more opportune time, injecting the much-needed private capital that is necessary in the short term to yield long-term economic growth.
The Growth Fund will target small businesses to receive growth investments which means they must have fewer than 250 employees or show less than $10 million in revenue during the previous year. Qualified fund managers must apply to become Rural Growth Funds, to invest in and mentor rural, small businesses in Massachusetts and participate in the program. The program creates a tax credit for contributions to such funds by the applicant.
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