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) |