Portsmouth to launch crowdfunding platform to support local businesses

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Portsmouth City Council 2016A new Portsmouth crowdfunding platform is being launched by Portsmouth City Council which 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. This was an initiative from Shaping Portsmouth.

The platform will enable Portsmouth businesses to pitch for funding for their business ideas around capital project costs, which could include purchasing equipment. 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
  • increasing productivity of companies that will result in economic growth in the city.

The council hopes to have the crowdfunding platform in place by early next year and will be holding information workshops for businesses and individuals looking to start their own business to find out more about the scheme. The council are particularly keen to hear from businesses who add social value. The crowdfunding platform will be managing the due diligence checks and match projects to funders based on criteria provided by the council.

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