The Mayor of London’s Back to Business Fund will offer match funding to small and independent businesses through the Pay It Forward London crowdfunding platform.
Pay It Forward London enables businesses to raise vital funds and stay afloat, rebuild and recover from the impacts of coronavirus (COVID-19) through crowdfunding. Since its launch in April, over 4,000 Londoners have donated over £280,000 to support their favourite local businesses.
The Fund will be targeted at businesses which are investing in measures to expand their operation online and to enable safe, socially-distant trading.
Through this £1 million scheme, the Mayor will match every pound raised by a business up to a maximum of £5,000 - or 50% of their campaign target.
How it works:
- Step 1: Start crowdfunding for a business to begin raising money from the public.
- Step 2: Reach 25% of the campaign target and the business could become eligible for the Mayor's match funding.
- Step 3: Receive up to £5,000 in match funding to help reach the total crowdfunding target.
Applications will open on Monday 10 August 2020.