Crowdfunding ‘first’ as high street bank and crowdfunding platform unite
Santander has partnered with Crowfunder to support investments in social enterprises and community projects....
In what is thought to be a first for the crowdfunding industry, high street bank Santander has partnered with crowdfunding platform Crowdfunder to launch a £200,000 fund to invest in UK social enterprises and community projects.
Said to “bridge the gap between traditional and alternative finance”, the new Changemaker fund will see eligible crowdfunding projects seeking funds of up to £20,000 receive 50% of their funding from Santander.
The fund is specifically focused on supporting social enterprises and charities targeted at skills, knowledge and innovation and is also open to community groups helping disadvantaged people in the UK.
Alongside access to the £200,000 matched funding from Santander, successful projects will also gain access to education, enterprise, and coaching support from the Crowdfunder team. Further funding is set to be released in 2017.
Crowdfunder managing director, Phil Geraghty, said of the partnership: “[This] is a key milestone for the crowdfunding industry – opening up powerful networks and opportunities between the banking sector and the next generation of ’changemakers’.
“It also offers long term economic impact by supporting social enterprises, alongside the immediate benefits of helping people make their great ideas happen.”
Sue Douthwaite, managing director of Santander Business Banking, continued:
“With the power of the crowd, our £200,000 Changemaker Fund will help bring great ideas to life and enable social enterprises and community ventures to grow.”