Fund101 targets
UK-based entrepreneurs looking to turn an idea into a new business and existing
small companies wishing to purchase equipment to help take their enterprise to
the next level.
Administered by
Enterprise Nation, the programme is designed to assist those who are looking
for relatively small amounts of capital support. The initial funding pool is
£50,000 and this will be topped up each month with an additional £5,000.
Individual grants ranging from £50 to £500 can be requested.
The grants can be
used to fund miscellaneous capital costs associated with starting up a new
venture and for existing small businesses to purchase equipment, promotional
flyers, hardware etc, in order to boost their operations.
UK-based start-ups
looking to commence trading and those who are already in business and need
funding to further their enterprise may be eligible for assistance through
Fund101.
To apply, entrants
must complete an online application, explaining how much money they require and
for what purpose. They must then raise an equivalent number of votes to the
grant they are seeking – if they need £100, they must engage 100 people to vote
for them online.
When the target is
met, the funds will be deposited into the successful candidates' PayPal accounts.
Grant recipients must agree to be profiled on the Fund101 webpage to explain
how the grant has benefited their business.
Enterprise Nation has
advised Fund101 has reopened to applications.
(Source: Grantfinder)
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