Cullerton voices support for small-business crowd-funding exemption
State Sen. Tom Cullerton (D-Dist. 23) has advanced legislation to market Illinois as more business-friendly by instituting intrastate crowd-funding exemptions.
“Small businesses are the key to growing our economy and creating more jobs in Illinois. Intrastate crowd-funding gives businesses the resources to find funding without accumulating debt,” Cullerton said.
Crowd-funding involves funding a project or venture by raising small amounts of money from a large number of people. In exchange for funding, investors receive a small ownership interest in the enterprise.
H.B. 3429 creates an Illinois intrastate exemption, which allows Illinois residents to invest in Illinois small businesses online.
To date, 15 other states have passed similar legislation, including Indiana, Wisconsin and Michigan.