Intrastate Crowdfunding Rules for Non-Accredited Investors

Map of US showing states offering investment crowdfunding for non-accredited investors

As if crowdfunding for non-accredited investors wasn’t confusing enough already, 35 states also have some form of law permitting residents who are non-accredited investors to invest in crowdfunding of businesses located within the state. (For example, Illinois residents who are not accredited investors can still invest up to $5,000 in Illinois companies raising financing through equity crowdfunding.) This page lists the intrastate crowdfunding rules for non-accredited investors, including investment limits.

If you are a non-accredited investor living in one of these states, you may be eligible to invest in “intrastate” crowdfunding offerings, which means not only often higher limits than under federal securities laws, but also the chance to invest in businesses closer to home.

The specifics vary quite a bit within each state, so you’ll want to do more homework about any particular state’s offerings and requirements before investing.

State Investment Limit for non-Accredited Investors More Information
Alabama $5,000 per year Alabama Securities Commission
Alaska $10,000 per deal Alaska Daily News
Arizona $10,000 per deal Law360
Colorado $5,000 per deal Colorado Department of Regulatory Agencies
Delaware $5,000 per deal Delaware Online
District of Columbia $10,000+ per deal (depending on income) DC Department of Insurance, Securities and Banking
Florida $2,000+ per deal (depending on income) Lexology
Georgia $10,000 per deal Revision Legal
Idaho $2,500 per deal Idaho Dept. of Finance (PDF)
Illinois $5,000 per deal Chicago Tribune
Iowa $5,000 per deal Breakaway Funding
Indiana $5,000 per deal Indiana Secretary of State
Kansas $5,000 per deal Kansas Securities Commissioner
Kentucky $10,000 per deal Louisville Bar Association (via LinkedIn)
Maine $5,000 per year Bernstein Shur (law firm)
Maryland $100 per deal Law Office of Frank R. Goldstein LLC
Massachusetts $2,000+ per deal (depending on income) Massachusetts Secretary of State (PDF)
Michigan $10,000 per deal Michigan Dept. of Licensing and Regulatory Affairs
Minnesota $10,000 per deal Minnesota Department of Commerce
Mississippi $5,000+ per year (depending on income) Mississippi Secretary of State
Montana $10,000 per deal Montana Commissioner of Securities & Insurance
Nebraska $5,000 per deal Nebraska Department of Banking and Finance
New Jersey $5,000 per deal New Jersey Division of Consumer Affairs
New Mexico $10,000 per deal New Mexico Regulation & Licensing Department
North Carolina $5,000 per deal North Carolina Dept. of the Secretary of State (PDF)
Oregon $2,500 per deal Oregon.gov
South Carolina $5,000 per deal Greenville Online
Tennessee $10,000 per deal Tennessee Department of Commerce and Insurance
Texas $5,000 per deal Star-Telegram
Vermont $10,000+ per deal (depending on income) Vermont Agency of Commerce and Community Development
Virginia $10,000 per deal Commonwealth of Virginia State Corporation Commission
Washington $2,000+ per year (depending on income) Washington State Department of Financial Institutions
West Virginia $10,000 per deal West Virginia Legislature (PDF)
Wisconsin $10,000 per deal State of Wisconsin Department of Financial Institutions
Wyoming $5,000 per deal Wyoming State Legislature (via Legiscan)