Pay it Forward initiative to help smaller firms navigate cashflow crisis

Enterprise Nation has teamed up with Crowdfunder to enable small businesses to pre-sell their services now on a promise to their customers that they can redeem them later.

Small businesses face the potential of a sharp downturn in income due to COVID-19. In response, we’ve launched Pay it Forward to help smaller firms navigate the looming cashflow crisis and provide support and advice.

Through the Pay if Forward campaign small businesses can:

• Set up a Pay it Forward campaign to pre-book things like meals, a room for the night or a ticket to an event based on a promise to deliver in the future. Crowdfunder will cover all platform and transaction fees
• Bring in match-funding from large corporates based on their campaign
• Seek specific financial support from their local authority and central government

Over the past week, the number of small businesses getting in touch to start Crowdfunder campaigns and accessing support through Enterprise Nation has risen sharply.

Enterprise Nation founder Emma Jones said the Pay it Forward initiative will help galvanise support behind the UK’s 5.9 million small firms.

“We've pledged to offer a package of support and guidance to help keep them afloat in these unprecedented times. Traditional shops on the high street may need help setting up online sales. The vast majority will need support with cashflow. Some may need to consider diversifying.

“We'll be offering training and the latest information on how to access government support, all in one place. We must hold our nerve and move forward together. Pay It Forward is a brilliant and practical way to coordinate targeted support," she added.

The focus is on supporting those on our High Streets or hit by the hospitality ban, but it's open to all businesses.

Rob Love, founder and CEO of Crowdfunder, is encouraging consumers to support their local businesses during this tough time.

“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.”

Find out more and start setting up your campaign here and your can find Enterprise Nation’s advice about coping with the impact of coronavirus here.