The North East Local Enterprise Partnership has partnered with Crowdfunder to make up to £5,000 in match funding available to help small businesses continue to trade through the coronavirus pandemic.
Crowdfund North East LEP allows small businesses employing no more than 10 full-time equivalent employees to secure match funding to boost their own crowdfunding efforts.
There are 45,800 eligible small businesses across the North East and many are in urgent need of financial support. The funds released by North East LEP will provide urgent relief for those businesses most in need who do not qualify for other government funding schemes. The match funding is being sourced from the North East Investment Fund and will total up to £1 million.
Below is a case study of Shoe Tree Cafe – a vegan and vegetarian cafe in Heaton, Newcastle – that has benefited from Crowdfund North East LEP.
To find out more about Crowdfund North East LEP, raise funds for your business, or donate to a small business in need, please click here.
Please introduce yourself, your company, and tell us why you fundraised through Crowdfunder.
My name is Joe and I’m one of the owners of Shoe Tree Cafe, a veggie and vegan cafe based in Heaton, Newcastle upon Tyne.
Due to the uncertainty of this time we decided to raise money to help us diversify and alter our business model to one that can operate safely in the current climate, as well as support our staff and the wider community.
How easy was it to set up your crowdfunding campaign and apply for the North East LEP’s match funding?
Everything was really easy to setup through Crowdfunder. Choosing rewards was fun and it’s nice to know that folks are getting something back for their investment in your business, rather than just being encouraged to give you money for nothing.
Crowdfunder informed us there was potential match funding available and I was able to apply the same day through a simple form. It only took four or five days to be informed we’d got it, and then it was just a case of getting our supporters on board to hit the 25% and 75% targets to get the full funding.
What difference will the match funding from the North East LEP make
Without the match funding it would have taken a lot longer for us to get the cafe up and running again. We’ve now got a really nice little pot of money to get us going and diversify our business model.
Would you encourage other businesses to start their own crowdfunding campaign using Crowdfund North East LEP?
Absolutely! What have you got to lose?