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"Crowdfunding" bill up for vote in state Senate

Cash money
Cash money

MADISON, WI (WTAQ) - Wisconsin senators are scheduled to give final legislative approval Tuesday to a bill that allows "crowdfunding" -- letting businesses sell stock online.

The Assembly okayed the measure last week on a voice vote.

The bill relaxes some state laws on stock purchases, to let investors make online donations to firms needing capital.

Companies could raise up to $1 million on Web sites like Kickstarter -- or $2 million if they're willing to be audited and let investors see the results.

Donors would not get direct returns, but they could get things like free products that a funded company sells.

Supporters say it would let new businesses get donated capital in place of more traditional financing like grants, loans, and venture capital -- all of which can still be hard to get in the aftermath of the Great Recession.

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