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 Massachusetts center for employee ownership.

Terms Used In Massachusetts General Laws ch. 23D sec. 16

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

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.

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