Official Summary

7/11/2012--Introduced.Supporting Entrepreneurial Economic Development Act of 2012 or the SEED Act of 2012 - Amends the Public Works and Economic Development Act of 1965 to prohibit a recipient of an economic adjustment grant from making, but permits a venture development organization to ma

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Official Summary

7/11/2012--Introduced.Supporting Entrepreneurial Economic Development Act of 2012 or the SEED Act of 2012 - Amends the Public Works and Economic Development Act of 1965 to prohibit a recipient of an economic adjustment grant from making, but permits a venture development organization to make, a grant, equity investment, or convertible loan to a private for-profit entity. Requires such an organization that assists a private for-profit entity with funds made available from an economic adjustment grant and that receives funds from such entity at any time as a result of such assistance to use such funds only to assist other private for-profit entities. Defines a "venture development organization" as a public entity or private, nonprofit entity that provides to an early-stage technology business, to promote the growth of that business:
(1) financial investment or assistance acquiring financial investment,
(2) expert mentoring, and
(3) assistance to speed the commercialization of technology.

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