Rep. Vick’s legislation that would increase access to capital for small business passes House

A bill that would increase access to capital for small businesses passed the state House of Representatives on Monday.

House Bill 1593, sponsored by Rep. Brandon Vick, would expand on the crowdfunding legislation the Washington State Legislature passed four years ago.

“Given the complexity and the expensive nature of our current crowdfunding law, I decided to take a closer look at it during the interim. After hosting work sessions, and consulting with both business owners and investors, I felt the Legislature could offer some major improvements that would benefit businesses who want to utilize crowdfunding to raise capital,” said Vick, R-Felida. “Whenever we can provide more options to assist start-up businesses it may ultimately increase employment in the state.”

The legislation removes the investment limitations of accredited investors and conforms to new federal Security Exchange Commission requirements.

“This bill strikes a good balance between preserving important investor protections while also making crowdfunding more accessible to businesses,” Vick said.

The Association of Washington Business, National Federation of Independent Business, and the state Department of Financial Institutions all testified in favor of the bill in the Business and Financial Services Committee.

The bill passed the House by a vote of 95-2. It is now headed to the Senate for consideration.

The Legislature is scheduled to adjourn the regular session on April 23.


Washington State House Republican Communications