The bill pertains to the operations and reporting requirements of the Small Business Loan Review Boards in Massachusetts, as mandated by Massachusetts General Laws chapter 167, section 14C. The report outlines the activities of the Board from July 1, 2024, to June 30, 2025, and emphasizes the Board's role in providing an independent review option for small businesses that have been denied credit. The definition of a small business remains consistent, defined as having gross revenues of $1 million or less in the preceding fiscal year. The Board is composed of six members representing various regions and sectors within the financial industry, and it is required to conduct an annual study on the availability of credit for small businesses.

The report highlights that the Board held two virtual meetings during the reporting period, reviewing two applications from Bristol and Plymouth counties, both of which were affirmed as having been reasonably denied by lenders. The bill also includes new legal language, such as the insertion of "Industry Letter" and "additional materials" on the Division's website, which aim to enhance the consistency of the Board's practices. Furthermore, it specifies that the Board must notify applicants of their right to appeal loan denials and provides a framework for the appeal process, ensuring that small businesses have access to necessary resources and support.