An Act establishing the Office of Employee Ownership within the Department of Community and Economic Development; establishing the Employee Ownership Advisory Board; establishing the Main Street Employee Ownership Grant Program; and providing technical and financial assistance to employee-owned enterprises.
What changed between versions
New Employee Ownership Advisory Board established with 11 members to raise awareness, research methods, and make policy recommendations about employee-owned enterprises.
Definition of 'employee-owned enterprise' expanded to include businesses with equitable broad-based profit-sharing programs that allow employees to purchase company shares.
Main Street Employee Ownership Grant Program eligibility increased from fewer than 100 employees to fewer than 200 employees.
Financial assistance eligibility expanded to include start-up organizations seeking to form worker cooperatives and existing employee-owned enterprises seeking growth funding.
Grant award limit increased to $35,000 with automatic approval for financial assistance under section 6 for approved grants.
Maximum State participation in technical assistance loans increased from 50% to allow grants up to $35,000 when conversion efforts show good faith effort.
