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NetCPA's is a CPA firm concentrated on Xero based out of Breckenridge. Terry Power, CPA, is the principal. Terry focuses exclusively on providing Xero-based accounting solutions for small businesses.

He currently has Xero clients in Denver, Summit and Eagle Counties, with plans to expand to anywhere in the US a client needs Xero.    

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Apr 14

Crowdfunding Coming to Colorado?

Posted by Terrence Power, CPA at Tuesday, April 14, 2015

Colorado residents who want to invest in Colorado small businesses can look forward to the final passage of a bill that will allow online crowdfunding to invest in business, rather than just support a project or idea.

The state legislature recently nearly unanimously passed the bill to support increased crowdfunding opportunities for Colorado businesses.

The bill will allow businesses to invest in a Colorado company online without the large capital that is normally required for such support. State law now requires investors to have a net worth of $1 million and make $200,000 annually.

Websites like Kickstarter and Gofundme allow people to donate to a project, but not to invest in a company. With the crowdfunding bill, Coloradans will be able to go online and donate money to support small businesses looking for funding to expand their existing companies.

This option did not previously exist in Colorado though it has been on the table at a federal level. David Thomas, assistant professor of management at University of Northern Colorado's Monfort College of Business, said he is excited to see what this bill will do for small businesses.

"Heretofore it was difficult for someone to invest in a small business," he said. The bill "opens up a whole different avenue for people to invest in and support small businesses."

I think this will be a huge benefit to SMB's who find that banks just won't lend to them.  All businesses have to start somewhere, and from these SMB's will rise larger businesses creating more jobs and making Colorado a fertile ground for growing and sustaining small business.

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