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Ala. Senate Seeks Crowd Funding For Small Business

Two new lawmakers have taken their seats for the first time as the Alabama Legislature opens its 2014 session.
Two new lawmakers have taken their seats for the first time as the Alabama Legislature opens its 2014 session.

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.

Orr says it's an option for people trying to start small businesses in a tough credit market. His bill now goes to the House for consideration.

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