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 Heatherslaw Light Railway Company – a narrow gauge steam railway tourist attraction based in North Northumberland – who have 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’re fundraising through Crowdfunder.
“I’m Darrell Smith and I’m the finance director of Heatherslaw Light Railway Company, a narrow gauge steam railway tourist attraction based just over the River Till from the Heatherslaw Cornmill in North Northumberland.
“We’re a family business; my father started the company 30 years ago. We employ five full-time members of staff and some seasonal workers too.
“As a seasonal business, we rely on the busy spring/summer period to carry us through the winter. Having been told we can’t open, we’re left with a hole in our revenue. Despite receiving grant funding from the Local Authority under the business rate relief scheme, as well as participating in the Government backed COVID-19 guaranteed loan scheme, our business would have struggled to survive without using Crowdfunder.”
How easy was it to set up your crowdfunding campaign and apply for the North East LEP’s match funding?
“It was great, refreshingly clear and easy. It’s a really good platform and very easy to get your message across.”
What difference will the match funding from the North East LEP make
“It gives us two-three months of covering costs until we can open again. It’ll be the difference between exceeding the overdraft limit, and not. It will also help us manage the lower visitor numbers we’re expecting due to the coronavirus pandemic.
“Over the winter we have a lot of statutory maintenance works to carry out in preparation of opening in the spring/summer, where we make our revenue.
“As a key attraction for the local area, we attract over 30,000 visitors to the estate, which helps to supports jobs in other local businesses.
“The response to the Crowdfunder has been amazing. Someone donated £400 anonymously and another person donated £500 to have his daughter’s name put on a carriage.”
Would you encourage other businesses to start their own crowdfunding campaign using Crowdfund North East LEP?
“It depends on the businesses, but as long as you meet the criteria and have goodwill amongst your customers then yes, why wouldn’t you? If you’re providing something people value, it’s the ideal platform. It’s very easy to set up.”