A Shaping Portsmouth initiative, 'Crowdfund Portsmouth', is being launched today (Friday 17 January) by Portsmouth City Council and Shaping Portsmouth. This new crowdfunding website will enable local businesses and social enterprises to raise money to help their business to grow and to pitch for a share of a £40,000 pot of match-funding from the council.
Through the crowdfunding site businesses can pitch for money from the crowd - sometimes offering incentives based on the amount given, as well as being put in touch with other national and local grants that are available.
In addition, Portsmouth City Council will offer match funding of up to £5,000 per project to those which meet set criteria. These funds will be available to support a range of business areas that support the new Portsmouth's Economic Development and Regeneration Strategy targets including; creating new jobs, residents gaining new skills, and increasing productivity of companies that will result in economic growth in the city.
Councillor Steve Pitt, Portsmouth City Council's Cabinet Member for culture and city development, said: "Our Portsmouth crowdfunding initiative allows local businesses who meet the criteria to unlock money from the council as well as the 'crowd' to make their ideas a reality - all through a simple online process. We are particularly keen to hear from businesses and social enterprises who add social value."
Stef Nienaltowski, Chief Executive Officer at Shaping Portsmouth, said: "This announcement is an important step forward for our brilliant small business community. Access to affordable funding is one of the key hurdles faced by businesses and this partnership with Portsmouth City Council, Crowdfunder and Shaping has the potential to ignite the opportunity we have in front of us. I am grateful to both our partners in supporting this programme and I fully expect it to make a significant difference in 2020."
The council will be holding information workshops for businesses and individuals looking to start their own business to find out more about the scheme. The crowdfunding platform will be managing the due diligence checks and match projects to funders based on criteria provided by the council.
For more information visit www.portsmouth.gov.uk/crowdfunding