Would allow people to invest up to $10,000 to help launch or expand businesses
FRANKFORT, Ky. (Jan. 2, 2015) — A bill that would make it easier for Kentucky entrepreneurs to raise the capital needed to launch or expand their businesses will be considered by state lawmakers in the General Assembly’s 2015 session, which starts on Tuesday.
Rep. Steve Riggs (D-Louisville) says he has already pre-filed legislation for lawmakers to create online crowdfunding investment opportunities in Kentucky. The legislation proposes the creation of an online platform for Kentucky entrepreneurs that will make it easier for people to invest in business ideas that look promising.
Riggs’ legislation would allow people to invest up to $10,000 while helping businesses raise up to $2 million.
“This is a way for Kentucky to help businesses to grow and create jobs,” Riggs said. “Too often, good business ideas struggle to get off the ground because of the difficulty of raising capital. Crowdfunding is becoming an increasingly popular way for people with promising ideas to find the money to launch a product or service.”