(Washington, D.C.) U.S. Congressman Sam Graves introduced an amendment yesterday that ensures small businesses with venture capital backing are able to continue their participation in the Small Business Innovation Research program. The amendment was designed to keep small businesses that need venture capital backing from being exempted from small business programs.
“This change is crucial to helping small businesses that are trying to do big things,” Graves said. “Small businesses, especially in the bio-tech field, need venture capital. My amendment makes sure that they are not punished and can continue to provide jobs here in Missouri and throughout the United States.”
Many bio-tech companies need extra financial backing because of the high cost of innovative research. Small businesses who have financial backing greater than 50% are not eligible for small business research grants. This penalizes small companies who work in high technology fields.
“We deeply appreciate Congressman Sam Graves’ continued leadership on this important legislation for biotechnology and other high-tech, high-growth industries,” said Kelly Gillespie, executive director of the Missouri Biotechnology Association (MOBIO). “Allowing small businesses access to this type of funding is the right approach for Missouri’s marketplace.”
The Graves Amendment to H.R. 5819 passed the House on a voice vote. The full bill passed the house 368 to 43. H.R. 5819 now moves to the Senate for consideration.
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