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House Committee on Transportation and InfrastructureEconomic Development, Public Buildings, and Emergency ManagementHouse Committee on Financial ServicesIntroducedJuly 27th, 2010
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To amend the Public Works and Economic Development Act of 1965 to allow non-debt financing for for-profit companies in business incubators.
Supporting Entrepreneurial Economic Development Act or SEED Act - Amends the Public Works and Economic Development Act of 1965 to allow a recipient of an economic adjustment grant to directly expend or redistribute grant funds to public and private organizations in the form of non-debt financing of for-profit companies in business incubators. Defines: (1) "business incubator" to mean an organization or entity, including an academic institution, established to foster the startup 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; and (2) "non-debt financing" to mean funding used to help business incubators develop an idea and create the first product to be brought to market for the first time.