Wednesday, February 25, 2015

Access to Capital Crowdfunding Legislation



We are going to try again.
Last year AB 2096 failed in Senate Appropriations in large part due to a financing issue.  We have addressed this issue in AB 722 and we now have labor support.  Last year they were not involved.  We are optimistic and excited about its prospects.  You can see the press release below.  Thank you Assemblyman Perea.  

 







 FOR IMMEDIATE RELEASE                       
Contact: Alicia Isaacs, (916) 224-8488
February 25, 2015

Perea Introduces Crowdfunding Bill to Assist Small Businesses

SACRAMENTO – Today, Assembly member Henry T. Perea (D-Fresno) introduced Assembly Bill (AB) 722 which would help start-up and emerging small businesses gain access to capital. Under this proposed legislation, small businesses would be able to find investors who can provide capital through a process known as crowdfunding to help them grow and create jobs. Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.

“Access to capital is an issue I hear about from small businesses and constituents consistently,” said Assembly member Perea. “This bill will enable businesses to get the investors they need to jumpstart their businesses and boost our local economies and provide good paying jobs while providing peace of mind for investors.”

“Lack of capital continues to be a major impediment to job creation for small businesses, including, California's small union and nonunion manufacturers and contractors,” said Scott Hauge, President of Small Business California. “As our economy improves, employers will require expansion capital to grow. Equity crowdfunding will enable these businesses to access sources of capital previously untapped by small business.”

Small Business California represents the interests of the more than 3.6 million small businesses in California. 
Alicia Isaacs
Assembly member Henry T. Perea
State Capitol, Room 3120
Sacramento, CA  95814
(916) 319-2031 Phone
(916) 319-2131 Fax
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As I said we will be closing our survey March 3.  I have about 600 surveys in and I want to  encourage those of you that haven’t completed to do so.  You can access by going to www.smallbusinesscalifornia.org.
Thank you.



Scott Hauge
President
Small Business California
2311 Taraval Street
San Francisco, CA  94116
shauge@cal-insure.com
415-680-2188 

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