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Crowdfunding Legislation, Drafted by Winthrop & Weinstine Attorneys, Signed Into Law
MNvest will allow businesses to legally promote investment opportunities online.

MINNEAPOLIS – June 15, 2015 – Winthrop & Weinstine, P.A., is pleased to announce that MNvest has officially been signed into law in the state of Minnesota. The new law, drafted by Winthrop & Weinstine attorneys Ryan Schildkraut and Zachary Robins, and sponsored by Sen. Terri Bonoff (D) and Rep. Jen Loon (R), will enable Minnesota businesses to legally promote investment opportunities online to all Minnesota residents.

Previously, Minnesota businesses had been bound by stiffly regulated securities laws limiting who can learn about a company’s fundraising efforts, essentially narrowing the field to accredited investors only. The passing of MNvest provides for wider, cheaper, and faster access to funding for companies and entrepreneurs.

Schildkraut and Robins drafted this legislation after realizing their Minnesota clients were at a disadvantage by not having the ability to use “crowdfunding” (i.e., the ability to pool capital from a large number of people) to raise capital for their businesses. “MNvest will encourage free enterprise, expand small businesses, create jobs and increase the tax base. The new legislation allows anyone with a growing business to raise capital with support from the community,” said Schildkraut. “Everyone wants their local businesses and entrepreneurs to succeed. We’re excited that, through crowdfunding, any Minnesotan can finally become an investor and have a direct stake in the next generation of great Minnesota companies.”

“We’re proud of the entrepreneurial spirit embodied in Ryan and Zach,” said Scott Dongoske, Firm President at Winthrop & Weinstine. “They recognized a need and took the initiative to modernize archaic laws from the 1930s and create legislation that Minnesota needs today. It’s been fascinating to have been a part of MNvest’s journey that started less than a year ago – and is now coming to fruition to benefit businesses throughout Minnesota.”

Equity crowdfunding is ideal for early-stage companies that aren’t yet big enough to draw interest from venture capitalists, or those that are more locally oriented, such as breweries or restaurants. In addition, MNvest could also provide farmers, real estate organizations and longtime businesses access to funds to upgrade equipment or expand. Minnesota will join nearly 20 other states that already allow this type of crowdfunding, including Wisconsin, Michigan and Indiana. Next, as a final hurdle, the Department of Commerce will develop an oversight plan and lay out the rules governing MNvest.

For more information about MNvest and Winthrop & Weinstine, please visit www.winthrop.com.


About Winthrop & Weinstine, P.A.
Winthrop & Weinstine is a dynamic and growing law firm focused on building strong client relationships through responsiveness, innovation and creativity.  The firm enjoys steady growth by meeting the diverse needs of its clients from individuals and emerging-growth businesses to Fortune 500 companies in an impressive array of industries throughout the Twin Cities and nationally.
For More Information
Deb Cochran
Direct: (612) 604-6688
 
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