By Illinois News Network
SPRINGFIELD – A measure allowing for small investments in small businesses from around the country is now law.
House Bill 3429 was signed by Gov. Bruce Rauner or Wednesday. It allows small businesses to generate up to $4 million in investments from people within Illinois and from outside the state.
Individuals would be allowed to invest up to $5,000.
The Small Business Advocacy Council’s Elliot Richardson said in May the measure is a huge win for small businesses in Illinois by allowing small investments in their operations. Richardson said it’s different than other crowdfunding opportunities that are currently available.
“Instead of getting some sort of token of appreciation, for investing in the company… investors will actually get a small piece of equipment in the company they invest in,” Richardson said. “It’s going to empower small business.”
The measure passed the House and Senate unanimously. Supporters say it makes Illinois the most competitive crowdfunding state in the country.
