Massachusetts EOED Announces Updates on FY25 Final Budget

The Massachusetts Executive Office of Economic Development shared that today, Governor Healey signed a $57.78 billion state budget for Fiscal Year 2025 (FY25). The Healey-Driscoll administration is proud that this budget delivers on our shared goals of making Massachusetts more affordable, equitable, and competitive.

Investments that are included in the final budget:

Investing in the Fundamentals

• Urban Agenda – $1M to support local partnerships in urban neighborhoods across Massachusetts, which is a component of the Community One Stop for Growth.
  • Note, EOED intends to work towards utilizing the Workforce Investment Trust Fund to supplement funding for this program, in line with the original H2 proposal and the final conference report.
• Massachusetts Downtown Initiative – $600K for grants to support community development at the local level by empowering towns & cities to examine their downtowns and town centers.

• Community Empowerment and Reinvestment Grant Program – $7.5M to invest in community-led efforts, such as workforce training, to bring positive economic outcomes to communities facing disproportionate challenges to economic growth, including those with higher rates of criminal justice system involvement.
  • Note, EOED intends to work towards utilizing the Workforce Investment Trust Fund to supplement funding for this program, in line with the final conference report
• Reciprocity Unit at the Division of Occupational Licensure (DOL) – New unit will be charged with guiding those with qualified credentials from other jurisdictions, seeking licensure in Massachusetts, through the regulatory process for professions under DOL oversight.
• Entrepreneur-in-Residence Pilot Program – Aimed at keeping highly skilled international graduates in Massachusetts by partnering with higher education institutions, such as UMass. This program administered by MassVentures with the $220,000 appropriation.

• MassTech Collaborative Initiatives – $6M in funding for established and proven MassTech programs such as the Innovation Institute, Center for Advanced Manufacturing, the MassCyberCenter, and internship/mentorship programs.
• Commercialization Seed Fund –  $400K for MassVentures to fund small, rapidly accomplishable projects that will enable researchers to obtain further funding for additional proof of concept or commercialization.
• Climatech Collaboration – Supports expanded coordination between EOED, EEA, and the MassCEC to bolster the state’s position as a climatetech leader.

• Small Business Technical Assistance (SBTA) Grant Program – $7.5M for an effective program that leverages a robust statewide network of nonprofit organizations to offer technical assistance, education, and access to capital for small businesses, particularly minority-owned businesses. 
• Regional Economic Development Organizations (REDOs) – $1.5M to provide operating grants to regional economic development partners.
• Technical Assistance Resources for “Business Front Door” – Positions EOED to execute on its vision to establish a new centralized portal for businesses to access state resources in FY25.