The impact of Covid-19 on micro and small businesses continues to be felt during the second lockdown in November 2020.
To ensure these businesses can access essential cash flow now, the Solent Local Enterprise Partnership (LEP) has redirected funding from its local growth small and medium-sized enterprises (SME) fund to micro and small businesses through the Crowdfunder Solent scheme.
Successful first round
The Solent Crowdfunder scheme proved highly popular during the spring and summer before lockdown restrictions were lifted.
Innovative solutions were found by a wide range of businesses to ensure they were able to trade online and increase cash flow with commitments of goods and services to customers at a later date.
Priestley: The extra funds will go a long way
Geoff Priestley from the Wedgewood Rooms in Southsea said:
“We are pleased that Solent LEP has chosen to support us, and our community by match-funding our Crowdfunder, and it is great to see them supporting Live Music through what is the most difficult of times, the extra funds will go a long way to help to keep us going in these difficult times.”
Wright: Your kindness means everything
Raz Wright from Trenza Braid Bar in Westquay in Southampton sent the LEP the following message:
“I was successful in reaching my target and I received the Solent LEP match-funding – which is amazing!
“Thank you for your lovely support. Your kindness for me and my business means everything.”
Help to trade through lockdown
The funds have been reviewed and opened up to ensure businesses can apply for money to help them trade throughout lockdown. This might be for an e-commerce enabled website or other costs to help businesses continue to operate.
The Solent area – which includes the Isle of Wight, the two cities of Portsmouth and Southampton, the M27 corridor, and the Solent waterway – is home to over 41,000 businesses, 89 percent of which are micro (1-9 people), and 9.3 percent are small (10-49 people).
Hunt: Delighted to support even more businesses in highly challenging times
SJ Hunt, Chair of the Solent LEP Business Support Taskforce, said:
“A rapid response in these continuing challenging times will make the difference between regional businesses staying afloat or going under. Under the first phase of our Crowdfunder project launched during the first nation-wide project, we were able to provide £186k to 84 businesses from as far and wide as the Isle of Wight, the New Forest and Eastleigh.
“All of these businesses are vital to our local economy and to the community. We’re delighted that we are in a position where we can relaunch the Crowdfunder Solent scheme to support even more businesses in these unprecedented and highly challenging times.”
Love: Match-funding will take the pressure off
Rob Love, CEO, Crowdfunder said:
“Businesses have already faced an extremely challenging time during the first lockdown. We have also seen incredible resilience and small businesses have adapted and pivoted their offerings in order to keep trading.
“By Crowdfunding and gaining match-funding they can maintain cash flow and stay connected to their customer base which is vital if they are to bounce back quickly once this is all over.
“The Solent LEP match-funding will take the pressure off small businesses and enable many to protect their staff and livelihoods. We are ready and able to work with any LEP or Local Authority that is able to do the same.”
News shared by Bex on behalf of Solent LEP. Ed
Image: Neil Thomas under CC BY 2.0
