It has been over two years since the JOBS Act, which legalized crowdfunding of startup fund raising, was passed but it goes primarily unused due to unworkable rules proposed by the U.S. Securities and Exchange Commission (SEC). With no end in sight many states have enacted (or are in various stages of enacting/considering) their own crowdfunding offering exemption laws (for a brief description of the 4 main types of crowdfunding, click HERE).
State level intrastate offering exemptions not only keep investing dollars local but they also help small businesses gain easier access to the capital they need to grow and create local jobs. To date, multiple states have already en- acted intrastate offering exemptions including our neighboring states: Michigan, Indiana and Wisconsin. The fact that Illinois is not even considering such regulation is unacceptable. We need Illinois Crowdfunding NOW!
I have decided to get the ball rolling myself by drafting a proposed bill (which you can find HERE) and creating this site to rally support for the cause. I welcome any and all comments to my proposed bill and I ask that those who support the cause please sign my petition HERE.
Together we can get an intrastate offering exemption and open up capital to our state’s small business and entrepreneurs.