For A MI Business
We ask that you submit an application along with a $49 application fee to cover the review of your application. Once approved, we will request a $300 one-time fee to cover conducting due diligence on your business. So long as there is no detection of fraud, you will be approved to begin your funding campaign! While your campaign is underway, a monthly fee of between $50 & $300/month (depending upon your the amount of your fundraising goal) will be assessed up to the point at which you have either reached your goal or you choose to terminate your campaign. No campaign—whether successful or unsuccessful—may last more than twelve months according to the provisions of the Michigan Invests Locally Exemption (the MILE).
For MI Investment
Selecting and Investing in a Michigan business: Visit here.
While Michigan residents may choose to either donate to a campaign or purchase securities in a business listed on FundMIFriend, non-Michigan-residents may only use the donation format to give to a crowdfunding campaign in which the business is utilizing the MILE due SEC rules.
If you are a Michigan resident and purchase a security in a listed business, you will receive a full refund of your investment if the business does not reach its funding goal by the time listed in its application to the state or within twelve months—whichever is earlier. This is per a provision with the MILE.
No part of the offering or securities sold in the offering under the MILE may be offered or sold to non-MI-residents for a period of nine months from the date of the last sale of a security by a business using the MILE. During that nine-month period, all resales of any part of the offering, by any person, shall be made only to Michigan residents.
Resale of MI Securities
According the Michigan Invests Locally Exemption (the MILE), passed in accordance with Federal securities regulations, Michigan securities may be resold to Michigan residents at any time after their original sale through an offering. However, these same securities may not be resold to non-Michigan residents until nine months after the completion of the offering through which the securities were originally sold. To provide liquidity within the market of Michigan securities, FundMIFriend offers a platform to secondarily buy and sell, but requires that you login and verify your residency before purchasing any securities. Michigan residents will be taken to the full listing of securities available to secondarily purchase while non-Michigan residents will be guided to a listing of only those resales that are being offered at least nine months after the completion of their respective, original offerings.