- Associated Press - Tuesday, July 21, 2015

RICHMOND, Va. (AP) - A Virginia law hits the books this month that will make it easier for small companies to raise capital.

According to the State Corporation Commission, the new regulations will allow companies to raise up to $2 million through crowdfunding. Crowdfunding typically uses the internet to raise funds.

The Virginia regulations adopted by the 2015 General Assembly establish the criteria for such funding appeals, which are exempt from the more detailed registration requirements of the Virginia Securities Act.

The Virginia crowdfunding exemption allows companies to raise up to $10,000 from each investor.

The law kicks in on July 31.

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