Rep. Arndt Introduces Bill To Increase Local Investments, Help Small Businesses
Legislation Permits Intrastate Equity Crowdfunding
August 31, 2016
 
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State Representative Steven Arndt (R-Port Clinton) recently introduced legislation that would permit, 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.


“I was pleased to take the lead on this legislation because it offers Ohioans the ability to support small business efforts,” Rep. Arndt said. “This measure could be another step in continuing to diversify our economy and in encouraging new opportunities for business growth.”


“Equity crowdfunding” is a means for businesses to raise capital through the internet for a variety of projects.  An entity or individual raising funds through crowdfunding typically seeks small individual contributions from a large number of people.


This bill will enable chambers of commerce, community improvement corporations and port authorities the ability to operate local platforms provided they follow and meet the Securities and Exchange Commission criteria. 


Currently Ohio does not have legislation that allows intrastate crowdfunding but with the introduction of this bill, now joins other states that are looking at the issue.


“Ohio is home to a diverse group of small businesses and I believe with the state’s rich history of entrepreneurship, this bill will be another way for businesses to grow and thrive,” Rep. Arndt said.

 
 
 
  
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