Mayor of London Announces Back to Business Fund

Tuesday, 4 August, 2020

The Mayor of London's Back to Business Fund will offer match funding to small firms through the Pay it Forward London crowdfunding platform which enables businesses to raise funds, stay afloat, rebuild and recover from the impacts of coronavirus (COVID-19).

Through this £1 million scheme, the Mayor will match every pound raised by a business up to a maximum of £5,000 - or 50% of their campaign target.

As well as supporting cash flow, the Mayor wants to help businesses to invest in their future, so the funding is conditional upon recipients spending a portion on supporting digital transformation and measures to enable safe re-opening and socially-distant trading. The money could be used for such things as new perspex screens, contactless payment technologies or access to training in digital marketing.

London's small and independent businesses in industries which rely on physical trading and have been badly affected by COVID-19 restrictions may take part. Eligible sectors will include retail, hospitality, leisure, tourism, travel, creative and arts, entertainment and recreation, and health and fitness.

Mayor of London, Sadiq Khan, said:

'Many businesses have been coming up with innovative new ways to operate in order to keep going, but for small businesses the costs of putting in new measures and shifting parts of their business online can be really significant.

'The £1 million in match funding will help small businesses that Londoners have supported through Pay it Forward London to adapt and to do business in new ways.'

Applicants are encouraged to register their interest and start crowdfunding now so that when applications open on 10 August 2020, those eligible to apply can do so immediately.

More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.

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