£5,000 Match Funding for Small Businesses in the North East

Crowdfunder and the North East LEP have come together to help support businesses in this time of crisis. If your business fits with the criteria, you could get an extra cash injection alongside what you raise from the crowd.

Match funding is distributed by the North East LEP to small businesses through Crowdfunder’s small business support scheme Pay it Forward. The fund provides support to businesses, charities, social enterprises and sole-traders seeking to cope in challenging trading conditions as a result of the COVID-19 pandemic.

Crowdfund North East LEP may pledge up to 50% of a project target, up to a £5,000 maximum pledge. A pledge of grant support from the North East LEP will be triggered if:

• The business has reached 25% of its funding target from crowdfunding

• At least 10 unique backers have pledged towards your target

• An application for North East LEP pledge is approved

• Once 25% of your target is reached, a match funding pledge of 25% (max £2,500) will be made. When the appeal reaches 75%, the second pledge of an additional 25% (max £2,500) will be made.

To access the match funding, businesses must:

• Be a small business with no more than 10 full-time equivalent employees

• Be a) an existing registered business, charity or b) sole trader operating for at least 12 months

• Be able to demonstrate the business has been adversely affected by COVID-19

• Be seeking to raise a minimum of £2,000 (i.e. seeking a minimum match fund contribution of £1,000)

• Those businesses not eligible for the Small Business Grants Fund or Retail, Hospitality and Leisure Grant Fund will be given priority.

Full eligibility criteria can be found here ↗

HiThrive offers a wide range of business consultancy and business coaching services to small and medium sized businesses. Contact us today to find out how we can help your business thrive.