Wisconsin lawmakers to introduce crowd funding bill

MADISON, WI (AP) — Three Republican lawmakers want to tap into the popular crowd funding wave to help out Wisconsin’s small businesses.

The lawmakers plan to unveil a bill Tuesday they say will change state law to allow for crowd funding to increases access to capital for small businesses.

The crowd funding concept allows individuals to contribute money online to reach a funding goal set by a project creator or business owner. Funders on these sites typically receive some reward based on the amount of their contribution.

One of the most well-known crowd funding Internet sites is Kickstarter. It allows for a broad range of projects, while other sites are more specialized.

Reps. David Craig and Chad Weininger in the Assembly and Sen. Leah Vukmir in the Senate are sponsoring the bill.