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March 11, 2012 / Raffy Pekson II

United States Congress Passes Small Business Act

U.S. Capitol and House of Representatives Chamber, Washington, DC

Simply called JOBS for “Jumpstart Our Business Startups Act,” the law would allow small businesses to have an easier time raising money and give entrepreneurs greater opportunity to solicit investments online through the roster of bills approved today in the House of Representatives, which voted 390-23 to approve this legislative package.

This legislation relaxes reporting requirements for smaller companies to seek funding through initial public offerings. And it expands the number of investors allowed to fund community banks. Among those provisions is allowing so-called crowdfunding, a phenomenon that is already thriving under limited circumstances in corners of the Internet.

Read more at Portfolio.com

Photo by mbell1975 at Flickr.com

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