New Jersey's 13th Legislative District

Senator Joe Kyrillos

Senator Joe Kyrillos

Kyrillos to Introduce Bill Allowing Crowd Funding Investments in NJ Businesses by NJ Residents

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Senator Joe Kyrillos (R-Monmouth) is introducing legislation that will allow New Jersey residents to invest in New Jersey-based businesses, while the Obama administration continues to delay full implementation of the Jumpstart Our Business Startups Act (“JOBS Act”), enacted in April 2012.

“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,” Kyrillos said. “It will clear the way for responsible, private investment to jump start small businesses and increase job opportunities.”

Senator 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 while awaiting full implementation of the JOBS Act. The Senator is seeking Democratic co-sponsors to help with this effort.

“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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