Kyrillos Introduces Bill To Let NJ Businesses Make Use Of Crowdfunding

state Sen. Joe Kyrillos

State Sen. Joe Kyrillos

TRENTON — State Sen. Joe Kyrillos is introducing legislation that would allow more New Jersey residents to invest in New Jersey-based businesses.

Kyrillos’ bill will allow New Jersey-based entrepreneurs to seek up to $1 million in private investment in increments of up to $5,000 from unaccredited investors residing in New Jersey. Other states such as Georgia, North Carolina, Kansas and Wisconsin have already taken action on similar measures. The Senator is seeking Democratic co-sponsors to help with this effort.

“At a time when conventional sources of financing are scarce, this legislation will help New Jersey’s innovators seek private capital from the investing public to develop their products or services right here in our state,” said Kyrillos  (R-Monmouth). “It will clear the way for responsible, private investment to jump start small businesses and increase job opportunities.”

“This legislation will loosen paternalistic government regulations that have precluded small investors and businesses from opportunities only availed to a select few on Wall Street,” concluded Kyrillos. “Eliminating these antiquated roadblocks to ingenuity and economic revitalization principally driven by our state’s small businesses would have a profoundly positive impact on our state’s economic well being.”

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