Many states have already acknowledged the need of small businesses and entrepreneurs to have access to capital. More than half of the states in the country, including our neighboring states of Indiana, Wisconsin and Michigan, now have an enacted or proposed intrastate crowdfunding exemption. This exemption permits small businesses and entrepreneurs to raise money from non-accredited investors, even before Title III of the JOBS Act comes into effect, as long as all the investors are residents of the state and the offering satisfies requirements that vary from state to state.
Intrastate crowdfunding can empower the small business community and entrepreneurs by allowing a vast number of individuals to make small investments into a business they believe in. Imagine investing $1000 into a local pizzeria and then heading over to our pizza place for dinner. State level intrastate offering exemptions not only keep investment dollars local, but also help small businesses gain easier access to the capital they need to grow and create local jobs. Intrastate crowdfunding can be a game changer for the entrepreneurial and small business communities.
Legislation SBAC Supports:
HB 3429, filed by Representative Carol Sente and Senator Tom Cullerton, would allow intrastate equity crowdfunding in Illinois.
Legislation allowing intrastate equity crowdfunding passed the House and Senate unanimously. The bill was signed into law by Governor Rauner on July 29, 2015.
Visit our SBAC Intrastate Equity Crowdfunding Resource Center, the central location for learning and sharing knowledge about Illinois’ intrastate equity crowdfunding exemption.
Intrastate Crowdfunding Coalition Partners:
Small Business Advocacy Council *Lakeview Chamber of Commerce * Skokie Chamber of Commerce * Federation of Women Contractors *Winnetka-Northfield Chamber of Commerce * NAWBO Chicago * West Garfield Park Renaissance Corporation * Rev3 Innovation Center *Highland Park Chamber of Commerce * Jewish B2B * Belmont-Central Chamber of Commerce * Schaumburg Business Association * GOA Regional Business Association * Austin Chamber of Commerce * Rolling Meadows Chamber of Commerce * Lincoln Park Chamber of Commerce * Niles Chamber of Commerce & Industry * Andersonville Chamber of Commerce * Orland Park Chamber of Commerce * Lincoln Square Ravenswood Chamber of Commerce
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