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Venture Capital Industry Pushes Legislation to Hijack Federal Small Business Programs

The National Venture Capital Association (NVCA) http://www.nvca.org/ has been showering Congress with millions of dollars in campaign contributions in hopes of changing the 55-year-old federal definition of a small business. The latest bill focuses on the Small Business Innovative Research (SBIR) program. Wealthy investors are hoping to ultimately gain access to all federal small business programs.

Federal law currently defines a small business as a firm that is "independently owned." The NVCA is hoping to change that definition to include firms that are not only not "independently owned," but are owned and controlled by wealthy investors. If the NVCA is successful, millions of legitimate small businesses could be forced to close their doors.

By Chris Gunn

Full Story: http://exceptionmag.com/politics/advocacy/0001180/venture-capital-industry-pushes-legislation-hijack-federal-small-business

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