MI bill could allow locals to invest in community - News, Weather, Sports, Toledo, OH

MI bill could allow locals to invest in community

Chris Miller, Adrian DDA Chris Miller, Adrian DDA
ADRIAN, MI (Toledo News Now) -

A crowdfunding bill in Michigan is gaining momentum and is on its way to the Senate.If it passes, people may start to see a lot of new businesses pop up.

Thebill is designed to make it easier for entrepreneurs to get their business upand running.

"Buildingbusinesses, having businesses come into our community and grow in ourcommunities is a very good thing for everybody," said Chris Miller, of the AdrianDowntown Development Authority.

Whenentrepreneurs need money to turn their business idea into a reality, they canturn to the community for crowd funding.

"Anyonewho has a 401K or a retirement plan, they may want to take 5 percent or 10percent of their money and invest in a local business," Miller explained.

Thosepeople would then be partial owners and be able to participate in the business.

Millersays he's already seen a lot of interest for this in Adrian.

"Onthe community side, you get a really cool thing that happens," he said. "Peopleget to invest in their own communities. Right now, you and I could not investin a business across the street here legally, because there's no mechanism todo that. And this would give you a mechanism to do that."

Thebill passed 108-0 in the House this week. Now it moves on to the Senate.

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