Another loophole that will hurt small businesses was introduced in the House of Representatives on Thursday.
The bill is titled H.R. 3567, the Small Business Investment Expansion Act of 2007. We are concerned with title V of the act, which will allow large venture capital firms to acquire controlling interest in a small business and maintain that businesses small business status for an indefinite time period. This legislation is essentially going to force legitimate small businesses to compete head-to-head with large corporations for federal small business contracts. Below, we have included links to: the full text of the bill, a congressional directory and a recent story by Keith Girard from Allbusiness.com that covers this issue.
Final amendments are due Wednesday (9/26) and the bill was just introduced Thursday (9/20).
Please reach out to your representative and ask them to: "Amend title V of HR 3567 to maintain the definition of Small Business as independently owned and operated."
The Bill http://thomas.loc.gov/cgi-bin/query/D?c110:1:./temp/~c110Zps4MH::
Congressional directory http://www.house.gov/house/MemberWWW.shtml
Media Story http://allbusiness.cbsnews.com/government/4923343-1.html
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