What was Crowdfund Solent:
There was a maximum of up to £2,000 per micro business (fewer than 10 staff FTE) and up to £5,000 per small business (fewer than 50 staff FTE) available, contributing up to 50% towards the total project costs.
If businesses could demonstrate how taking part would help their enterprise to survive, then they were encouraged to take part.
The scheme proved highly popular before lockdown restrictions were lifted. Local businesses found innovative solutions to ensure they were able to trade online, and increase cash flow with commitments of goods and services to customers at a later date.
Read the experiences of just a few of these businesses here:
How Crowdfund Solent worked
1. If they were self-employed, a micro or small businesses, they started by setting-up a Crowdfunder campaign.
2. Once they set-up their campaign page, they sold their goods or services, requested donations and diversified their offer in order to engage with existing and potentially new customers.
3. They set a financial target to meet. Throughout the process, coaching was offered by Crowdfunder to support with meeting their target.
4. If an application was approved, once the financial target was met, the LEP released the match-funding.
5. The total sum of the money was then released to them.
Crowdfunder has a variety of opportunities for businesses to raise funds. Find out more here
Want to hear all about the new Loan Funding? Join our live webinar this Wednesday 24 November.