Intrastate Crowdfunding Rules for Non-Accredited Investors

States with crowdfunding options 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.

StateInvestment limit for non-accredited investorsMore information
Alabama$5,000 per yearAlabama Securities Commission
Alaska$10,000 per dealAlaska Daily News
Arizona$10,000 per dealLaw360
Colorado$5,000 per dealColorado Department of Regulatory Agencies
Delaware$5,000 per dealDelaware 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 dealRevision Legal
Idaho$2,500 per dealIdaho Dept. of Finance (PDF)
Illinois$5,000 per dealChicago Tribune
Iowa$5,000 per dealBreakaway Funding
Indiana$5,000 per dealIndiana Secretary of State
Kansas$5,000 per dealKansas Securities Commissioner
Kentucky$10,000 per dealLouisville Bar Association (via LinkedIn)
Maine$5,000 per yearBernstein Shur (law firm)
Maryland$100 per dealLaw Office of Frank R. Goldstein LLC
Massachusetts$2,000+ per deal (depending on income)Massachusetts Secretary of State (PDF)
Michigan$10,000 per dealMichigan Dept. of Licensing and Regulatory Affairs
Minnesota$10,000 per dealMinnesota Department of Commerce
Mississippi$5,000+ per year (depending on income)Mississippi Secretary of State
Montana$10,000 per dealMontana Commissioner of Securities & Insurance
Nebraska$5,000 per dealNebraska Department of Banking and Finance
New Jersey$5,000 per dealNew Jersey Division of Consumer Affairs
New Mexico$10,000 per dealNew Mexico Regulation & Licensing Department
North Carolina$5,000 per dealNorth Carolina Dept. of the Secretary of State (PDF)
Oregon$2,500 per
South Carolina$5,000 per dealGreenville Online
Tennessee$10,000 per dealTennessee Department of Commerce and Insurance
Texas$5,000 per dealStar-Telegram
Vermont$10,000+ per deal (depending on income)Vermont Agency of Commerce and Community Development
Virginia$10,000 per dealCommonwealth of Virginia State Corporation Commission
Washington$2,000+ per year (depending on income)Washington State Department of Financial Institutions
West Virginia$10,000 per dealWest Virginia Legislature (PDF)
Wisconsin$10,000 per dealState of Wisconsin Department of Financial Institutions
Wyoming$5,000 per dealWyoming State Legislature (via Legiscan)
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