Another aspect of the JOBS Act that should make it easier for local businesses to attract capital is the easing of the rules that require companies with more than 500 shareholders to register with the SEC. Kaplan says that "the JOBS act has increased that number to 2000, as long as no more than 500 investors are classified as non-accredited investors. The SEC still has to make some rules over determining who is accredit and not." The community based aspect of some of the new fundraising that will be allowed by the JOBS Act -- once the rules are implemented -- also promises to bring the "social media revolution" to investing. Companies will have an easier time building a loyal base of local investors, many of whom can also be customers. "Raising money locally not only creates community involvement, it creates transparency that has eluded the local market, which has been limited to private investments," says Kaplan. "Private transactions meant that once the offering was closed, the company wasn't subject to reporting requirements. Now people are going to be involved, they are going to understand these businesses."