Reopening this week, 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. Fund101 winners will also receive up to $500 of Elance credit to spend on outsourced work.
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.
The programme closes in November. Meanwhile, applications will be accepted with monthly deadlines. The next deadline is 24 June 2013.
(Source: Grantfinder)
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