In 2013, Michigan enacted the Michigan Invests Locally Exemption, which allows non-accredited investors to buy crowdfunded securities.
MILE allows Michigan businesses to raise up to $1 million every 12 months. If the issuer is willing to supply audited financial statements, it can raise up to $2 million.
Non-accredited investors can invest up to $10,000 a year. There is no limit to how much an accredited investor can invest.
