Welcome to the Financing section of SELC’s Community Enterprise e-Resource Libraries! Here is a summary of what you’ll find in this section of the library:

Overview of Community-Based Financing: This page examines some of the basics, such as why it is so hard to raise capital.

A Securities Law Primer: This page discusses some of the basics of securities law, such as the definition of a security, an investor’s participation in an enterprise, No Action Letters, and what is not a security.

Exemptions from Registration:This page describes state and federal exemptions from the registration requirement and provide guidance on how the various exemptions can work together.

Registering Securities: This page explores the registration requirements for securities, Direct Public Offerings (DPO), and Small Company Offerings as well as Anti-fraud rules, registration under the 1934 Securities and Exchange Act, and what happens if you do not comply with registration requirements.

Resale of Securities: This page discusses the resale of restricted securities, Rule 144, secondary trading in exchanges and alternative trading systems.

Funds, Investment Clubs and Business Development Clubs: This page is still under construction.

The Crowdfund Act: Discusses the background and content of the crowdfund act.

Program-Related Investments (PRIs): This page explains what a program-related investment is and how they can be beneficial to both private foundations and social enterprises.

International Community-Based Financing Models: Discusses notable international financing models.