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SBA and Diamond Ventures Reach Agreement to Resolve Lawsuit
WASHINGTON – The U.S. Small Business Administration and Diamond Ventures, LLC, an Atlanta-based venture capital firm, have reached an agreement to settle Diamond Ventures’ pending lawsuit against the Agency: Diamond Ventures v. Karen Mills, No. 03-1449 (GK) (D.D.C. filed June 30, 2003). The lawsuit will be formally dismissed by November 24, 2010. Through this agreement, the parties have now agreed to move forward together to provide access to capital for small businesses, including those in underserved segments of the small business community.
Both parties are pleased that the litigation is now behind them. “SBA is very focused upon continuing and improving its outreach to underserved markets,” said Sara Lipscomb, SBA’s General Counsel. “The Small Business Investment Company (SBIC) program provided over $1.5 billion in financing support for small businesses last year. SBA is committed to ensuring that emerging markets have access to the necessary growth capital to help small businesses grow and create jobs.”
According to C. Earl Peek, Diamond’s Managing Partner, “Diamond Ventures enthusiastically looks forward to fully participating in the Small Business Investment Program and the achievement of our mission and vision to provide needed growth through capital investments in emerging markets and in small and medium-sized businesses.”
A copy of the Settlement Agreement is available on SBA’s website at www.sba.gov/news.
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