Localstake Brings Local Investing to Michigan

By Amanda Lewan on November 5th, 2013 / Comments

Localstake has made Michigan one of the few states now able to use their platform.

The SEC voted unanimously last month to allow investors for the first time to buy stock in companies over the Internet through crowdfuding. We should see a few different sites like this one that allow you to invest in local, private businesses. Investors, business owners, and community partners can all get involved.

Localstake requires a Michigan business to apply and have their application reviewed by a Localstake Advisor. Once you’re approved, you can receive advising on capital and terms to offer. Next, you’ll get to open a BancBox to receive any funds offered. If your offerring does not reach the target amount, all funds are returned to investors.

What do you think? Would you try Localstake and crowdfunding online? There is a fee for this one – $250 to apply and 5-10% of the amount raised go to Localstake.

Before crowdfunding check out this post on 4 misconceptions on crowdfunding.

About the Author

Amanda Lewan

Amanda Lewan

Editor @michipreneur. Co-founder Bamboo Detroit. Follow me @Amanda_Jenn. I love telling the story of entrepreneurs and innovators.