RALEIGH, N.C.-- Amid fanfare and applause, Governor Pat McCrory signed the "North Carolina Providing Access to Capital for Entrepreneurs and Small Business Act,” called the "NC PACES ACT" for short, to help people make their dreams of starting their own businesses come true.

The governor says the new crowdfunding law allows a new method to finance start-ups and small businesses in North Carolina, and encourages entrepreneurs both young and old in our state.

The state model allows North Carolina investors to buy shares of a company or debt, from a North Carolina issuer, to help people start small businesses. It's a model that 30 other states, and countries including Australia and the United Kingdom, already use.

McCrory says it fills a need for the business community, and it's an idea he started to work on while he was Charlotte's Mayor and later as our state's governor.

State Commerce Secretary John Skvarla also says it fills an important need that's been missing in North Carolina, for people who have great ideas for businesses but don't have the money to start them up.