The Mayor of London, Sadiq Khan, has launched a crowdfunding initiative ‘Pay It Forward London’ which aims to help Londoners support businesses currently experiencing difficulties during the pandemic.
The crowdfunding platform on London.gov.uk offers small businesses across the city the chance to pre-sell their services during the coronavirus shut down. By connecting them to their local communities and providing 100% free fundraising, London’s businesses will be able to generate income and manage cashflow while keeping the public safe. Members of the public can pledge funds in exchange for future rewards when the crisis is over – from haircuts in Harrow, to pints in Peckham, and curries in Clapham. They can also nominate local businesses and encourage them to sign up.
Pay It Forward is part of a wider package of help the Mayor is offering to small businesses, including the London Growth Hub which is delivering tailored one-to-one advice to SMEs during the outbreak. The Mayor has also agreed to invest an additional £1 million into extending business support over the coming 12 months to help companies through the current crisis and period of recovery which will follow.
The Mayor of London Sadiq Khan said, “Small businesses are facing enormous challenges as a result of the fight against coronavirus – not least a significant drop in their cashflow.
“Londoners value their local independent shops, restaurants, cafes, bars and other small businesses and I’m confident that this goodwill means many will be happy to pay for goods and services now so that they can continue to enjoy them when things get back to normal.
“The economic impact of the outbreak and the restrictions brought in to tackle it will be far-reaching and long-lasting, so I’m determined to do all I can to support the economy over the coming weeks and months.”
Crowdfunder CEO Rob Love said, “If you’re a small business whose livelihood has been turned upside down as a result of COVID-19, we are here to help. The pwer of Pay It Forward London is to keep small businesses trading, help them think about their recovery, and to put them in a position to bounce back quickly.
“The continued trading through Pay It Forward London by pre-selling goods and services ensures businesses can stay connected with their customers and enables London’s entrepreneurs to adapts their offering.
“We are proud to partner with the Mayor of London to keep our vibrant capital trading, retaining jobs and innovating for a brighter future.”
To sign up and start crowdfunding for your business please visit the website.
