At the end of last month, the Solent Local Enterprise Partnership (LEP) was the first LEP in the country to immediately release urgent funds to be distributed to micro and small businesses in the Solent area through the Pay it Forward campaign via Crowdfunder.
As many have already witnessed, the impact of Coronavirus (Covid-19) on micro and small businesses has been immediate.
Match-funded support
To ensure these businesses can access essential cash flow, the Solent Local Enterprise Partnership (LEP) is redirecting £600,000 from its local growth SME fund to micro and small businesses through Crowdfunder’s Pay it Forward campaign.
There is a maximum pledge from the LEP of up to £2,000 per micro business (fewer than 10 staff) and up to £5,000 per small business (fewer than 50 staff) available.
Anne-Marie Mountifield, CEO Solent Local Enterprise Partnership said,
“We’re looking for the local community to back their businesses and for every £1 put in, the LEP will do the same – up to a maximum of £2,000 per micro business and £5,000 per small business. These businesses and leaders are vital to our local economy and the lifeblood of communities. We will do everything we can to protect them and enable them to bounce back.”
Pre-selling goods or services
Crowdfunder and Enterprise Nation have set up Pay it Forward to enable the self-employed, micro and small businesses to keep trading by pre-selling their goods or services and incentivising customers to buy now ensuring a continuous cash flow and enabling them to stay connected to their customers.
How it works
How does Pay it Forward work?
- Someone who is self-employed, a micro or small businesses can set-up a Pay it Forward campaign by visiting the Website.
- Once set-up the person or business can pre-sell their goods or services and diversify their offer to engage existing customers and potentially reach new customers as well.
- The business sets a financial target to meet. Throughout the process, coaching is provided by Crowdfunder to support the person/small business to meet their target.
- Once the financial target is met match funding is released from the LEP.
- The total sum of the money is then released to the person/small business
Article edit
17:22pm 28th Apr 2020 – Added quote to clarity arrangements
Image: Images Money under CC BY 2.0
