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Local entrepreneur gets a boost from Small Business Development Center

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On an average day, Trina Worrell Benjamin handles invoices, returns calls and emails, directs a team of nearly a dozen employees and manages a client roster that has included big names like Rite Aid and Toys“R”Us. She admits her first steps into entrepreneurship were not easy. But with the help of…

Local entrepreneur gets a boost from Small Business Development Center

  • SBDC: Temple University SBDC
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Jumpstart Our Business Startups

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The Jumpstart Our Business Startups (JOBS) Act was passed on Thursday by the U.S. House of Representatives.

The JOBS Act  is a legislative package of six bills that is designed to:

"...jumpstart our economy and restore opportunities for America’s primary job creators: our small businesses, startups and entrepreneurs.

These bipartisan measures will increase capital formation, spur the growth of startups and small businesses and pave the way for more small--‐scale businesses to go public and create more jobs. The JOBS Act represents an opportunity for both parties to work together and deliver results on areas of common ground that boost small businesses, startups and entrepreneurs.”

More specifically, the act allows entrepreneurs a more streamlined path in their quest to raise private capital, increasing their opportunity to become a high-growth business, creating new jobs and boosting sales along the way.

So what will this mean to Pennsylvania entrepreneurs and small businesses? If passed, here are some of the direct benefits:

  • Allows smaller companies to go public sooner
  • Expands the number of people who can invest in community banks from 500 to 2,000
  • Removes an SEC regulatory ban that currently prohibits companies from advertising to solicit investors Increases the size of companies that may attract public investors without SEC registration (from $5 to $50 million.)

Of course, the Act still needs to pass the Senate and become law. And only time will tell of the full impact of the JOBS Act. But it is encouraging to see new legislation that increases access to private capital for entrepreneurs who wish  to create high-growth businesses.

Read the full JOBS Act description.