“Entrepreneur Access to Capital Act,” HR 2930

By Carolyn A. Betts

House Passes Crowdfunding Bill

On November 3, 2011, the House of Representatives passed the Entrepreneur Access to Capital Act (H.R. 2930). This law is intended to facilitate “crowd-funding” for financing small business entrepreneurship. Wikipedia describes crowd funding as “the collective cooperation, attention and trust by people who network and pool their money and other resources together, usually via the Internet, to support efforts initiated by other people or organizations”. Sponsor of the bill Congressman Patrick McHenry (R. NC) explains crowdfunding on his website:

“The basic idea is to raise money through relatively small contributions from a large number of people – combining the best of microfinance and crowdsourcing”

 
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