H.R.6099 - SEED Act of 2012

To amend the Public Works and Economic Development Act of 1965 with respect to grants for economic adjustment, and for other purposes. view all titles (3)

All Bill Titles

  • Official: To amend the Public Works and Economic Development Act of 1965 with respect to grants for economic adjustment, and for other purposes. as introduced.
  • Short: SEED Act of 2012 as introduced.
  • Short: Supporting Entrepreneurial Economic Development Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/11/12
 
 
 
 
 
 
 

Official Summary

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 inv

Official Summary

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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