Pay it Forward : NTIA Partner with Crowdfunder to help businesses

By March 19, 2020NEWS

Pay it Forward: support for businesses during COVID-19 pandemic 

In light of the sharp downturn in income felt by small businesses across the UK due to COVID-19, Crowdfunder and Enterprise Nation will provide the tech and tools to enable small businesses to pre-sell their services now on a promise to their customers that they can redeem them later.

To support the 5.9 million small businesses across the UK, the campaign called, Pay it Forward, will provide access to free training for small businesses, to help with online sales, cashflow support and legal support, delivered by Enterprise Nation.

As COVID-19 spreads across the country, everyone will spend more time indoors further reducing vital income for small businesses. This is a challenge as these businesses need a regular flow of cash to pay rent or salaries, for example.

Pay it Forward – how does it work?

Small businesses who may be worried about the future due to COVID-19, can set-up a Pay it Forward campaign [Crowdfunder.co.uk/pay-it-forward] offering customers the option to book meals, a room for the night or a ticket to an event for example, now, based on a promise to deliver in the future. Crowdfunder will cover all platform and transaction fees.

Rob Love, Founder and CEO, Crowdfunder, 

This is a really difficult time for everyone and there are lots of different things people are worried about including their jobs. One thing people can do if they can afford it is to support local businesses. Through Pay it Forward, we are committed to throwing Crowdfunder’s resources behind keeping business alive through this crisis.”

Key take-aways:

  • Paying forward; asking your customers to spend a little now (while we’re all being told to stay inside) and redeem pints/ meals/ tickets/ merch later on

  • It’s free for all businesses in the campaign to fundraise, no Crowdfunder or transaction fees

  • Might not be the full solution, but could help relieve some short term cash flow issues

  • Start immediately and access cash raised quickly

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