Business Resources in the Greater Baroda Area
Below is just a sampling of the many Business Resources available in our region. Join us today and put the Baroda Area Business Association to work for you!
On March 3rd the Harbor Country Chamber and MEDC sponsored "Crowdfunding Invests on Main Street." This was presented by Michigan Municipal League's Summer Minick, who covered the new crowdfunding law for Michigan businesses and the MEDC's Public Spaces & Community Places program.
The presentation can be found here.
Michigan is the fourth state to enact this type of funding into law. Now there are 12-13 states who offer this program as a place-making and revitalization tool in the form of three different platforms:
- Local Stake, out of Indianapolis, takes small fee up front and percentage of what is raised.
- Patronicity for matching grants dollar for dollar up to $100k.
- Fundrise is for national real estate funding.
There are two important things to know:
- Types of return on investment:
- Money paid back with interest.
- Value paid back in kind with services or product.
- No payback; just the intrinsic value of saying you own a piece of a business.
- Types of investors:
- Accredited investors must have individual income of $200k or combined $300k and assets of $1M then there is no limit to the amount of investing.
- Non-accredited investors are limited to $10k investment. This is an intra-state law for Michigan based businesses and Michigan residents/investors.
Application guidelines can be found at Patronicity.com or Crowdfundingmi.com. Minick is on the daily review committee so applicants will have an answer in a very short turn around. She also mentioned a book "Locavesting".
One other important criteria: The business must have a physical location in a village. Townships rarely qualify.
Minick tested this process herself by investing in a small project and she did receive her return as promised. Go to Localstake.com website for list of available projects.
Do you have an event you'd like to advertise? Here is a tool you can use in conjunction with the South Bend Tribune. There are both free and fee based options. Gain more exposure to your events through "In The Bend."
It's now easier than ever to list your events online for exposure on In The Bend and 5,500+ other event guides across our partner network.
Click here to start your event listing.
Our team has been tirelessly designing, developing, and crafting this process to make it as smooth as possible.
Here are the highlights:
- A polished interface, styled to get you quickly in and out.
- Choose a path - Create either a free listing or a promoted listing.
- Track your progress - The new progress indicator provides context and illustrates where you are within the process.
- Add multiple days - Add an event that spans multiple consecutive days or regularly repeats throughout the month or year.
You can find out more about this update here.