House Bill 10, which permits intrastate equity crowdfunding, was voted out of the Ohio Senate unanimously on June 7. Previously back in June of 2017, the Ohio House passed a similar version of this bill unanimously as well.

The Ohio Chamber supported HB 10 as it made its way through the legislative process and believes that the enactment of this bill will aid businesses in our state in accessing capital and funds necessary to maintain and grow their company. Crowdfunding helps to fill a void in which “traditional lending cannot always fill.”

As technology has evolved, so has the way we seek to raise funds. Individuals seeking funds for a variety of reasons already use online platforms such as Kickstarter or GoFundMe. HB 10 seeks to help Ohio move forward with the ever-changing technology field by creating the OhioInvests online portal. Additionally, it sets some guardrails to ensure that the money being raised is used properly and that potential investors know how the money will be used before making their investment.

HB 10 will now be on its way to the Ohio House for them to agree upon the changes that the Ohio Senate made to this bill.