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

MI bill could allow locals to invest in community

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

A crowd funding 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.

The bill is designed to make it easier for entrepreneurs to get their business up and running.

"Building businesses, having businesses come into our community and grow in our communities is a very good thing for everybody," said Chris Miller, of the Adrian Downtown Development Authority.

When entrepreneurs need money to turn their business idea into a reality, they can turn to the community for crowd funding.

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

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

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

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

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

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