Section 69. (a) The MOBD shall establish a micro business development center, in this section referred to as the center, which shall foster micro businesses in the commonwealth by providing resources, including information on available loans, grants and technical assistance. The center shall provide micro businesses with information and technical assistance related to aspects of micro business management, including but not limited to, (i) business plan development; (ii) technology development; (iii) lending assistance; (iv) market research support; and (v) procurement and contracting aid. For the purposes of this section, the term ”micro business” shall mean a business: (i) with no more than 5 employees; (ii) located in a census tract as reported in the most recently completed decennial census published by the United States Census Bureau that has a median household income not greater than 80 per cent of the statewide median household income; and (iii) with no more than $250,000 in annual revenue.

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(b) The center shall advise the Massachusetts Growth Capital Corporation in the design, administration and disbursement of loans and grants to entrepreneurs in the commonwealth for low and moderate-income entrepreneurs who are forming, running or expanding microbusinesses in the commonwealth.

(c) The center may expend funds as may be appropriated therefor, accept federal funds, or private gifts and grants to assist in carrying out the purposes as set forth in this section.