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Crowdfunding can be an effective means of generating small business support. While not relevant for all business models, crowdfunding can both raise much-needed revenue, as well as a means for brick & mortar small businesses to stay connected to their local community. Crowdfunding can also be effective for business ventures with a social mission, to reach and expand its range of supporters.
Platforms:
- GoFundMe enables small businesses to raise money through campaign donations from its community of neighbors and customers and the wider GoFundMe community
- Indiegogo enables entrepreneurs to fund tech, design, and other projects through financial pledges from supporters, who often receive customer experience perks or products for their contribution towards the project's "keep what you raise" campaign
- Kickstarter enables entrepreneurs to fund creative projects through financial pledges from supporters, who often receive customer experience perks or products for their contribution towards the project's "all-or-nothing" campaign
- Kiva enables small businesses to secure loans of up to $15,000 at 0% interest with the support of the entrepreneur's own network as well as Kiva’s wider network of individual lenders
- Mainvest enables small businesses to raise investment capital from its community of neighbors and customers, typically $50,000 - $500,000, repaying those investors with a pre-negotiated percentage of the business revenue or as a term loan
- PayPal Generosity Network enables U.S. small businesses who are PayPal customers to create a campaign and raise up to $20,000 in funding over a maximum 30 day campaign period
- Wefunder enables small businesses to raise $20,000 - $5,000,000 in loans or equity capital from that businesses' community and/or the Wefunder network of investor supporters
Articles:
PACE SBDC - Crowdfunding as an Economic Recovery Tool
The Balance Small Business - The Pros and Cons of Crowdfunding for Business
PACE SBDC - Crowdfunding as an Economic Recovery Tool
The Balance Small Business - The Pros and Cons of Crowdfunding for Business
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