11/14/11 -- House passes two bills to help startups and early stage businesses raise capital
Senate Vote Next Challenge
Date: 11/14/11
The US House of Representatives have passed the Entrepreneur Access to Capital Act by a 407 to 17 vote. A bill to reform the Securities and Exchange Commissions (SEC) Regulation A entitled the Small Company Capital Formation Act was passed by a 421-1 vote as well.

The Entrepreneur Access to Capital Act makes it easier to raise capital through crowd funding. Crowd funding uses the internet to solicit small equity investments from a large number of investors.

According to the legislation, firms can use internet based crowd funding to sell unregistered securities as long as the total amount raised is $2 million or less. The bill also limits individual investment to $10,000 or 10 percent of the investors annual income (which ever is less).

The SECs Regulation A allows firms to offer up to $5 million in publically traded stock without registering it with the SEC. The Small Company Capital Formation Act increases this cap to $50 million. Raising the threshold of Regulation A is meant to help companies raise capital without having to deal with the onerous SEC registration process.

The two bills are meant to help firms gain access to capital, which will translate into businesses expansion and hopefully increased hiring. Supporters of the bills hope that the strong bipartisan support showed in a divided House of Representatives will translate into passage in the Senate.

Aaron Colsher, Director of Policy & Programs -- 215.948.9285 ext. 105 --
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