[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5871 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5871

To amend the Public Works and Economic Development Act of 1965 to allow 
  non-debt financing for for-profit companies in business incubators.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 27, 2010

 Mr. Carnahan introduced the following bill; which was referred to the 
Committee on Transportation and Infrastructure, and in addition to the 
   Committee on Financial Services, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

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                                 A BILL


 
To amend the Public Works and Economic Development Act of 1965 to allow 
  non-debt financing for for-profit companies in business incubators.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Supporting Entrepreneurial Economic 
Development Act'' or ``SEED Act''.

SEC. 2. NON-DEBT FINANCING IN DIRECT EXPENDITURE OR REDISTRIBUTION.

    Section 217(c) of the Public Works and Economic Development Act of 
1965 (42 U.S.C. 3154c) is amended to read as follows:
    ``(c) Economic Adjustment.--
            ``(1) Non-debt financing addition.--Subject to subsection 
        (d), a recipient of a grant under section 209 may directly 
        expend the grant funds or may redistribute the funds to public 
        and private organizations and entities in the form of a grant, 
        loan, loan guarantee, payment to reduce interest on a loan 
        guarantee, or other appropriate assistance, including non-debt 
        financing of for-profit companies in business incubators.
            ``(2) Definitions.--For purposes of this subsection--
                    ``(A) the term `business incubator' means an 
                organization or entity, including an academic 
                institution, established to foster the start-up of 
                businesses or accelerate the growth of fledgling 
                companies by providing entrepreneurs with resources and 
                services to produce viable businesses that can help 
                create jobs and restore vitality to distressed areas.
                    ``(B) the term non-debt financing means funding 
                used to help business incubators develop an idea and 
                create the first product to be brought to market for 
                the first time.''.
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