Massachusetts Governor Announces $100M Economic Development Package
Friday, April 11, 2014
Massachusetts Governor Deval L. Patrick announced a $100 million economic development package for the state which includes middle skills job training, investments in the state’s 26 Gateway Cities, and enhanced incentives for creating jobs.
The Governor’s bill, called An Act to Promote Growth and Opportunity, calls for a multi-year $100 million investment through a combination of general fund and capital budget expenditures.
Massachusetts Economic Development Secretary Greg Bialecki said this legislation is the next step towards ensuring the Commonwealth’s long-term prosperity.
Bialecki added that the initiatives the bill is helping implement will extend economic opportunity to every resident of the Commonwealth and will continue to accelerate the thriving innovation economy.
The Governor’s plan includes recapitalization of the Massachusetts Growth Capital Corporation, the state’s working capital lender to small businesses. The plan also creates a Transformative Development Fund at MassDevelopment to make equity investments and provide funding for collaborative workspaces in Gateway Cities.