Sunday, March 9 2014 10:54 PM EDT2014-03-10 02:54:31 GMT
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ADRIAN, MI (Toledo News Now) -
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.
bill is designed to make it easier for entrepreneurs to get their business up
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.
entrepreneurs need money to turn their business idea into a reality, they can
turn to the community for crowd funding.
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.
people would then be partial owners and be able to participate in the business.
says he's already seen a lot of interest for this in Adrian.
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."
bill passed 108-0 in the House this week. Now it moves on to the Senate.