crowd funding

Crowd Funding
4:16 pm
Thu January 23, 2014

Ala. Senate Seeks Crowd Funding For Small Business

The Alabama Senate is trying to give people a new way to raise money to start small businesses.

The Alabama Senate is trying to give people a new way to raise money to start small businesses.

The Senate voted 31-0 Thursday for a "crowd funding" bill sponsored by Republican Sen. Arthur Orr of Decatur.

The legislation is backed by the Alabama Securities Commission. It would allow someone trying to start a small business in Alabama to use social media and advertising to find small investors who live in the state. It is limited to raising $1 million, and it is restricted to Alabama businesses and investors because of federal regulations.

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Crowd Funding
10:53 am
Sat January 4, 2014

Ala. Could Legalize New Avenue For Small Business

The director of the Alabama Securities Commission, Joe Borg, says crowd sourcing for small businesses is an idea whose time has come.
Credit Alabama Securities Commission

Alabamians trying to start small businesses in a tough credit market may soon have a new method that will allow them to raise small amounts of capital from many Alabama investors.

Republican state Sen. Arthur Orr of Decatur says he will sponsor a bill in the upcoming legislative session to allow "crowd funding." It would cap investors at $5,000 each and would limit crowd funding to $1 million per business.

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