Press Release

Local Business Growth Sparked by Sente-Led Legislation

01/20/2017

“As a small-business woman, I am always searching for innovative ideas to help businesses grow,” Sente said. “I heard from small-business owners who wanted the freedom to raise money online from people who supported their business ideas and products, and I worked to put their ideas in motion.”

The three businesses honored, Native Sons of Chicago, CrossTown Fitness, and CardFrenzy, can now raise more capital due to the new Illinois intrastate equity crowdfunding law (Public Act 99-0182, which Sente crafted and developed bipartisan support to pass). ‘Crowdfunding’ is the practice of funding a project by raising money from a large number of people. The new law allows Illinois businesses to raise up to $4 million in capital (one of the highest intrastate crowdfunding allowances in the country) from Illinois non-accredited investors in exchange for an equity interest in their business. Sente believed this change was important since entrepreneurs were increasingly seeking alternative methods of funding business growth and job creation amidst bank restrictions and uneven economic recovery.

“Carol Sente took the lead on this bill and spearheaded it through the Legislature,” Elliot Richardson, Chief Executive Officer of the Small Business Advocacy Council said. “It is refreshing to see our state leaders pass legislation to create jobs and help innovative businesses grow. Sente has consistently led the charge on legislation focused on empowering small businesses. Through her efforts, Illinois has now made itself one of the most appealing states for businesses from a crowdfunding perspective – I am excited to see the new businesses that will be funded as a result.”


State Rep. Carol Sente with small-business owners who have benefited from her legislation to raise the limits on ‘crowdfunding’, or funding a project online from many people. The Sente-sponsored legislation allows Illinois businesses to raise more from crowdfunding than almost any other state.





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