By JULIE CUNNINGHAM
State Senator Adam G. Hinds and Representative Natalie Blair’s announced today that a $100 million Massachusetts Rural Growth Fund was passed during the 2019-2020 legislative session. The fund will enable small businesses to expand and create jobs in the private sector. A Rural Jobs Tax Credit for businesses will allow businesses to contribute to the growth fund and receive a tax credit for doing so.
“The ongoing COVID-19 pandemic has exacerbated the economic challenges faced by the 170 rural communities across the Commonwealth,” said Blais. “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.”
Small businesses with 250 employees or less or less than $10 million in revenue will qualify for the investments.
“For the 2019 Massachusetts Rural Policy Plan, the Franklin Regional Council of Governments examined a study that found that many state and federal economic policies base their funding decisions on “innovation” that is narrowly defined as patent applications and research and development, which leaves out many businesses that are critical to the Commonwealth’s rural economy and our small towns,” said Linda Dunlavy, Executive Director of the Franklin Regional Council of Government and chair of the Rural Policy Advisory Commission. “The Massachusetts Rural Growth Fund will provide a needed opportunity for rural businesses to recover, grow and expand.”
This news comes as Massachusetts was elevated to the highest risk level for COVID-19 transmission. ICU capacity is at 86% according to a recent poll and hospitals are in danger of becoming overwhelmed.