Mainebiz

W W W. M A I N E B I Z . B I Z 19 F E B R UA R Y 2 2 , 2 0 1 6 can invest to $5,000 in 12 months, except for accredited investors. It also allows a business to promise participants a potential fi nancial return. e Maine rule also restricts sales of equity or debt to state residents in most cases, whereas Kickstarter allows most for-profi t businesses, regardless of location, to raise money. Fund-Me also requires more documentation from businesses, including an off ering circular with a detailed business plan, part of the prior year's fi nancial state- ments and a discussion of risks. Kickstarter doesn't impose an upfront fee to set up an account but does charge 5% on the funds raised, according to a Verrill Dana brief. For a Maine crowdfunding off ering, the Maine Offi ce of Securities charges $300 at the time of fi rst fi ling. ere may also be legal and accountant fees and other administrative costs to pre- pare the Fund-Me Off ering Circular. Good candidates for Fund-Me include those seeking to raise at least $150,000 because of the work needed to get the off ering up and running, according to Verrill Dana. Companies also should be willing to devote a few months to the process. It's also impor- tant to have a receptive set of prospec- tive investors like customers or fans of the product. L V , M a i n e b i z s e n i o r w r i t e r, c a n b e r e a c h e d a t @ . a n d @ L V Kickstarter vs. Maine crowdfunding Kickstarter Allows businesses to raise cash from a large number of people. Allows most businesses, regard- less of location, to raise money. No up-front fee but a 5% charge on funds raised. Maine crowdfunding Fund-Me also allows businesses to raise cash from a large number of people. Restricts sales of equity or debt to Maine residents in most cases. Charge of $300 for fi rst-time fi ling. Caps the offering at $1 million over 12 months. Caps the amount one person can invest to $5,000 over 12 months. Member FDIC Contact us today to learn how our experienced team can help with everything that counts to your business. Kimberly Twitchell 207.808.4487 Daryl Wentworth 207.808.4490 Joe Delano 207.808.4486 Stephen Lubelczyk 603.263.1442 Tara Trafton 603.531.1063 NBT Bank Maine Regional Headquarters 254 Commercial Street Merrill's Wharf, 2nd Floor Portland, ME NBT Bank's Commercial Banking team would like to thank these valued clients for establishing a relationship with us. • Joel Tranum Marginal Way Properties 211 Marginal Way, Portland • Sandy River - Northbridge Companies Avita Wells 84 Sanford Road, Wells • George Schott Hilton Homewood Suites 373 Western Avenue, Augusta In business, relationships count. APRIL 5 Save the date and stay tuned for details about topic and panelist! Hilton Garden Inn Freeport Downtown 7:30–10:30am FOLLOW US @MBEVENTS #MBWMNLead16 SP ONSORED BY Register for a table of 10 and save 10% off the regular ticket price. Contact Rebekah Roy at rroy@mainebiz.biz for more details. Join us for a lively discussion from the trenches at the 2016 Mainebiz Women's Leadership Forum Tickets are $25 ($30 after March 18th) and included a plated breakfast. Be sure to arrive at 7:30 so you can network with other business owners, managers and more before the conversation begins!

• Cover