From The League’s Press Release 6.16.14
So what is crowdfunding? Why should I care about? How can a business use it? How can an investor use it? What do I need to know before I get started? And where do I go to get started?
There are a lot of questions about the crowdfunding law that started in Michigan earlier this year and a new Michigan Municipal League website not only answers these questions, but serves as a launching pad for potential investors and businesses looking to access resources to get started.
A one-stop website for all the crowdfunding needs of Michigan businesses and investors was announced today by the Michigan Municipal League.
The website, crowdfundingmi.com, is believed to be the first of its kind in Michigan and provides resources, how-to information and links to crowdfunding resources.
“We’re excited to launch this website to inform and connect Michigan, our communities, businesses and investors to the crowdfunding movement,” said Michigan Municipal League CEO & Executive Director Dan Gilmartin. “Michigan’s new crowdfunding law is so attractive for entrepreneurs and small businesses that we believe it’s a tool cities can use to attract and retain talent in a way that no one else in the nation can at this time. We want to maximize this opportunity for our cities and help them thrive and take advantage of the new local investment movement where it makes sense.”
The website has information about available training on crowdfunding and serves as a gateway for investors and businesses in Michigan who want to learn more through two companies performing this work, localstake.com and on fundrise.com.
Localstake is an investment crowdfunding platform that startups and small businesses use to raise funding from investors in their community. Its mission is to help growing businesses more efficiently and effectively connect with capital in their community. With investment minimums as low as $250, Localstake provides investors of all wealth backgrounds the ability to invest in what they know best: local businesses in their community.
“We are thrilled to bring Localstake to Michigan and give local residents the power to invest directly in their local businesses,” said Kevin Hitchen, one of the founders of Localstake.
Fundrise is a nationally recognized leader in real estate crowdfunding. Founded in 2010, with the goal of revolutionizing the way people invest in real estate, its platform gives people the power to invest directly in local real estate for a minimum of $100.
“We believe that if people can invest in places they care about, then together we can build great downtowns, better neighborhoods and stronger cities,” said Dan Miller, co-founder of Fundrise. “Our company is very excited to work with the League to help grow the state’s economy and create strong communities.”
Academic, business and public-sector experts around the world agree that investing in communities is vital to long-term economic development in the 21st century. This new economy is being built at the local level, growing jobs by ones and twos through entrepreneurs and small businesses. Crowdfunding helps create not only jobs, but places which people want to live, work and enjoy.