Governor Rauner Signs Intrastate Equity Crowdfunding Bill

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Jul 29, 2015, 06:44 ET

CHICAGO, July 29, 2015 /PRNewswire/ -- Governor Rauner has signed intrastate equity crowdfunding into law. This new vehicle for raising capital empowers the small business community by allowing business owners and entrepreneurs to raise capital from a large number of people. In exchange, investors receive a small equity interest in the business.

"Intrastate equity crowdfunding can be a game-changer for the small business community, it will allow business owners and entrepreneurs to invest in, and empower one another. Many states, including Wisconsin, Indiana and Michigan, have already passed legislation allowing companies to raise money in this way. Passing this legislation has ensured Illinois businesses are able to compete on a level playing field with those in neighboring states," said Elliot Richardson, Small Business Advocacy Council, CEO.

The SBAC and a coalition of chambers and business groups spearheaded a grass-roots effort to bring intrastate equity crowdfunding to Illinois. Through the power of critical mass, the small business community worked with legislators and moved this important legislation. "This is a tremendous step forward for Illinois small businesses and entrepreneurs. This will mean more available capital for Illinois entrepreneurs and small businesses, resulting in more Illinois jobs being created by these entrepreneurs and small businesses," said attorney, Anthony J. Zeoli of Freeman & Peters LLP.

State Rep. Carol Sente, D-Vernon Hills, issued this statement, "As Co-Chair of the Small Business Owners Caucus in Springfield and primary bill sponsor, I'm thrilled Governor Rauner signed our Crowdfunding bill today! I know the business community has been anxious to see this legislation passed. It has been a sincere pleasure to work with the SBAC on this and other measures over the years. Illinois has so much to offer small businesses and today marks a milestone in finding new ways for small businesses to raise capital."

Information about the Coalition to Bring Intrastate Crowdfunding to Illinois; 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 visit www.sbacil.org.