Portsmouth council to launch crowdfunding platform for local businesses

Portsmouth City Council will launch a crowdfunding platform for 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.

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.

Portsmouth City Council will also 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.

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 crowdfunding platform will be managing the due diligence checks and match projects to funders based on criteria provided by the council.

Cllr 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 process. We are particularly keen to hear from businesses and social enterprises who add social value.’

In August, New Start wrote about how under pressure councils are increasingly looking for alternative forms of financing to fund infrastructure projects — and a report from the University of Leeds says crowdfunding has ‘untapped’ potential for local authorities.

Thomas Barrett
Senior journalist - NewStart Follow him on Twitter


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