New Bill Would Allow for Small Investment in Startup Businesses [AUDIO]
Many small startup businesses find that getting needed money a tough go from traditional sources, and new legislation being introduced in Trenton might make that process easier.
Republican State Senator Joe Kyrillos says he's shopping for Democratic co-sponsors for his bill to allow private citizens to kick in up to $5,000 if they see a promising startup venture that would allow small businesses a new funding source "to allow everybody of average means to invest in and help to translate a good idea into a success story."
The small business could gather investors with a total $1 million limit under the Kyrillos bill. The same idea is also in the works in four other states: Georgia, North Carolina, Kansas and Wisconsin.
Kyrillos says the Federal Jumpstart Our Business Act, or JOBS, enacted in April of 2012, is based on a similar idea. But federal footdragging is delaying full implementation of the JOBS act. So he is promoting this alternative for startups here in the Garden State.