A core mission of the Securities Division of the Department of Financial Institutions is to promote small business capital formation. One way small businesses can raise capital is by selling stock or other securities in their companies.
Several special programs have been created to assist small businesses desiring to conduct a securities offering. These programs provide special guidance for designing an offering, drafting a disclosure document, and offering in multiple states.
Our staff is available for consultations over the telephone or by email. Businesses considering an offering of securities may also schedule a pre-filing conference to discuss the options available to them. The Division encourages these conferences as a way to resolve as many issues as possible prior to filing. Call (360) 902-8760 and ask for the Small Business Section or send an email to Faith Anderson at Faith.Anderson@dfi.wa.gov to get the answers to your questions or arrange a meeting.
Coordinated Review Programs
Coordinated Review – Section 3(b) (CR-3(b) for Regulation A Offerings)
Available to issuers seeking to sell securities in multiple states in an offering exempt under federal Section 3(b) and Regulation A adopted thereunder. It provides a uniform state registration procedure designed to coordinate the blue-sky registration process in all of the states in which the issuer seeks to sell. The program also provides for relaxed merit standards.
Coordinated Review-Equity (CR-Equity)
Available to issuers seeking to sell equity securities in multiple states. It provides a uniform state registration procedure designed to coordinate the blue-sky registration process in all of the states in which the issuer seeks to sell.
Coordinated Review-SCOR-WEST (CR-SCOR-West)
Several Western states participate in this coordinated regional review program designed to lessen the compliance burdens of small companies who file in more than one state.
Small Business Decision Tree
Interactive decision tree is intended to help you evaluate whether your business may raise money by selling securities in a strictly private offering and if so, explore some private offering exemptions that may apply, or if it will be necessary for your company to register the offering.
An overview of securities regulation and securities offerings.
Options for Raising Capital
The different options for raising capital.
Small Company Offering Registration (SCOR)
This program couples a user-friendly question and answer offering circular format with substantial assistance from the Division.
Crowdfunding in Washington
Raising capital through small contributions from a large number of investors.
Role of Disclosure
Information about the role of disclosure in an offering
Small Business FAQs
Answers to frequently asked small business questions.
Small Business Resources
Links to information and organizations.
NASAA Statements of Policy
Statements of Policy adopted by the North American Securities Administrators Association