Subject: S7-05-20 Regulation CF Limit Increase to $5MM
From: David Stewart

Mar. 28, 2020


Dear SEC,
I am writing in support of an immediate increase in the Regulation CF annual funding limit from $1.07MM to $5MM. More specifically, I enthusiastically support the proposed release of 33-10763 as written. COVID-19 has hit small businesses especially hard and traditional sources of start-up capital are rapidly diminishing. Initial review of the SBA programs proposed as part of the CARE Act indicates that they will not benefit start-ups. 

Since the implementation of Reg. CF in 2016, the program has proven to be a game changer for many Start-ups, as it provided the means to launch new business ventures. However, the maximum capital raise of $1.07 is limiting. I encourage the SEC to take action now to raise the limit to $5MM. The infrastructure is in place and functioning well, so implementing the increase should be a relatively seamless process. Please consider an immediate increase in the Reg CF funding to $5MM and the expedited release of 33-10763. Thank you for your consideration.

Best Regards,
David W. Stewart
Founding Chairman – Texas Business Incubator Assn.
Former Board Chairman – BioTech Manufacturing Center of Texas
Former Small Business Champion of the Year. DFW Region