Crowdfunding (the practice of funding a project or venture by raising small amounts of money from a large number of people) has become a popular concept over the past decade. Whilst it has roots from the 1700’s (as demonstrated by this infographic!), it gained significant momentum at the start of the millennium (with the launch of dedicated crowdfunding platforms like Kickstarter, GoFundMe and Crowdfunder).
Having helped so many projects to raise funds and get off the ground, it’s been great to see the Mayor of London embrace the crowdfunding model to help local businesses who are facing enormous challenges in recovering from the pandemic – businesses that play an important part in London’s wider recovery.
The Mayor has recognised that Londoners want to support their independent shops, restaurants, cafés, bars and creatives – places and people that they love and value in their communities.
So he has partnered with the UK’s top Crowdfunding platform (Crowdfunder) to set up the ‘Pay It Forward’ initiative so that local businesses can raise vital funds to rebuild and recover from the impact of COVID-19.
The platform is open to all London based businesses, but in great news for Croydon – match funding is available to businesses based in the Borough courtesy of the ‘Back to Business’ fund – which means that Croydon businesses and creatives can receive up to £10,000 from central government funds allocated to Croydon Council*
Several local businesses have already taken up the Crowdfunding challenge and started their campaigns including Matthews Yard (who will use money raised to buy a new coffee machine, install a new point of sale system and create a self-serve water station) and Mr Fox (who will use money raised to help with cash flow and recoup financial losses caused by on-again, off-again lockdowns and rule changes).
The modest amount of money we make from merchandise sales and marketing packages has also been impacted in recent years. But we think we’ve got the knowledge, skills and connections to help Croydon at a time it needs it most. So, we’ve also set up a Crowdfunder to offer free pr and marketing packages to local small businesses & creatives impacted by the pandemic. It’s a great way for larger corporate businesses in Croydon to show their support for smaller local businesses (while also getting a little promotion for themselves on the East Croydon Cool channels!) TAKE A LOOK AT THE EAST CROYDON COOL CROWDFUNDER CAMPAIGN HERE.
We will be listing all Croydon crowdfunding campaigns here on the website, as well as shouting them out on social media with the aim to secure as much central government money for Croydon as possible!!!
So, if you’re a local business or creative looking for financial support, do consider setting up a Pay It Forward Crowdfunder campaign. Or if you’re a local resident looking to show some love to your local businesses and creatives, do let them know about the scheme and/or consider donating towards the below (growing list!) of campaigns. Or if you work for a larger corporate business in Croydon, do consider donating/sponsoring a package via our East Croydon Cool crowdfunder.
Crowdfunding campaigns currently set up to support Croydon Businesses:
- East Croydon Cool
- Matthew’s Yard
- Mr Fox
- Moi Moi Sauce
- Croydon Therapy 4 You
- Food Stop Restaurant
- Dirty Crunch
- Amber’s Kitchen
- Ele’s Tiramisu
*The Back to Business Fund, is offering up to £10,000 in match funding to support small and independent businesses in Croydon, Hammersmith & Fulham and Southwark. To access this fund, you’ll need to crowdfund and meet the eligibility criteria.
Reward Donators supporting the East Croydon Cool Crowdfunder
Thank you to all the larger businesses who have pledged Rewards to small local businesses and creatives via our campaign including:
N.B – East Croydon Cool’s Crowdfunder was not eligible for the ‘Pay It Forward’ campaign – so we have been moved to the standard Crowdfunder campaigns section.