Sadiq Khan launches crowdfund to support SMEs in the capital

By James McAllister

- Last updated on GMT

Sadiq Khan launches crowdfund to support SMEs in the capital during Coronavirus crisis

Related tags: crowdfunding, Restaurant, London, Mayor of london, Coronavirus

The Mayor of London, Sadiq Khan, has launched a crowdfunding initiative aimed at supporting small and medium-sized businesses (SMEs) across a variety of sectors including hospitality.

Pay It Forward London offers SMEs based in the capital the opportunity to pre-sell their services while the Coronavirus shut down is ongoing.

Businesses who wish to take part can do so by clicking here​, and members of the public can also ‘nominate’ their local businesses and encourage them to sign up.

Crowdfunder, which is hosting the scheme, is offering to waive its usual fees and cover transaction costs, meaning businesses will get 100% of the money donated. 

“Small businesses are facing enormous challenges as a result of the fight against coronavirus – not least a significant drop in their cashflow,” says Khan.  

“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. 

“I’m clear that 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.”

Pay It Forward London is part of a wider package of help the Mayor is offering to SMEs in the capital. 

Other initiatives include the London Growth Hub, which is aimed at delivering tailored one-to-one advice to different businesses during the outbreak.

Related topics: Business

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