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Diamond Ventures and SBA Find Common Ground and Settle Lawsuit
November 29th, 2010 No comments
On November 24, 2010, Diamond Ventures LLC and the US SBA have announced that they have reached a settlement in a lawsuit that the SBA has filed against the vc firm in 2003. The lawsuit itself has been filed by Diamond Ventures LLC against the SBA on the grounds of discrimination when the SBA called for Diamond Ventures to be dismissed from the SBIC.
Under the terms of the settlement that was drafted on November 22, 2010, the SBA must allow Diamond Ventures to apply and join the SBIC without condition. The SBIC is a program that was established by the SBA to advance equity to small businesses that are owned by minorities. The lawsuit alleged that the SBA denied Diamond Ventures the application into the SBIC wrongfully.
According to the managing partner of Diamond Ventures, Earl Peek, the fact that Diamond Ventures was placed right on the path of membership of the SBIC was a significant change in the tune of the SBA and he looks forward to joining the SBIC and working under its umbrella. He further added that the SBA has taken some major strides in helping minority owned businesses in low-income communities that are traditionally undeserving of venture capital in a traditional manner.
For attorneys to litigate on the behalf of Diamond Ventures in the lawsuit is based in Boston and the attorneys, Bill Heyman and Franklin Lee both stated that this new settlement gives Diamond Ventures a green light to allow for minority owned businesses in the low-income neighborhoods throughout the United States. The attorneys also stated that this is great news for both minority owned businesses and their communities.
In turn, the SBA also wrote a letter to Diamond Ventures to give them the green light to begin the process for Diamond Ventures to accumulate the funding required by the SBIC guidelines. On top of that, the people at Diamond Ventures have issued a special thank you to the attorneys of the SBC.
As of today, there is a large number of investors ready to attend to join into the SBIC program.
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