Ohio House Passes Bill To Increase Local Investments, Help Small Businesses
Legislation Permits Intrastate Equity Crowdfunding
 
 

COLUMBUS—State Representative Steven Arndt (R-Port Clinton) today applauded the Ohio House for approving legislation that permits, in certain circumstances, intrastate equity crowdfunding, with the goal of providing Ohio residents the ability to identify new local businesses and opportunities to invest in them.


An entity or individual raising funds through crowdfunding typically seeks small individual contributions from a large number of people. House Bill 10 creates an exemption for certain entities to engage in crowdfunding, thus supporting local investments within Ohio and encouraging competitiveness.


“This bill serves as another tool for economic development practitioners to support small business entrepreneurs,” said Rep. Arndt, who sponsored the measure. “We need to ensure that these individuals, who will add jobs to our communities, have all the tools they need to make and grow a successful business.”


The bill specifies that an issuer can be considered an “OhioInvests” issuer if they fulfill certain requirements, such as being located in Ohio and not being subject to the reporting requirements under federal security laws. Entities like port authorities, community improvement corporations and chambers of commerce would all be eligible issuers under the OhioInvests crowdfunding requirements.


House Bill 10 passed with bipartisan support and now goes to the Ohio Senate for further consideration.

 
 
 
  
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