The Mayor’s £1m Back to Business Fund will offer up to £5,000 in match funding to small and independent businesses through the Pay It Forward London crowdfunding platform.
Pay It Forward London enables businesses to raise vital funds and stay afloat, rebuild and recover from the impacts of Covid-19 through crowdfunding. Since its launch in April, over 4,000 Londoners have donated over £280,000 to support their favourite local businesses.
The Mayor will match every pound raised by a business up to a maximum of £5,000 - or 50% of their campaign target - in sectors which rely on physical trading and have been badly affected by Covid-19 restrictions, including retail, hospitality, leisure, tourism, travel, creative and arts, entertainment and recreation, and health and fitness.
As well as supporting cash flow, the Mayor wants to help small businesses to invest in their future, so the funding is being made available conditional upon recipients spending a portion of the funding to support digital transformation and measures to enable safe re-opening and socially-distant trading.
For further details about the scheme go to Back to Business Fund