This is definitely an interesting collaboration – Crowdfunder and Virgin Startup Loans have partnered up to give an initial £750,000 of loan funding to 100 businesses that successfully run a project on Crowdfunder – whoa! This allows both businesses and individuals the opportunity to become eligible for a Virgin Startup Loan through the process of crowdfunding.
This is good news for anyone wanting to turn their idea into reality. Virgin Startup highlighted that ideas successfully funded by crowdfunding are likely to be viable businesses.
It’s also about advice, teaching entrepreneurial behaviour, ensuring each and every business that goes through their door is equipped with the skills and the knowledge they need to become a success story in their own right. Each loan applicant will gain 15 hours with a top-of-the-pops Virgin StartUp mentor, providing one-on-one support over 12 months.
Sir Richard Branson, commented on the partnership saying, “The great thing about being an entrepreneur today is the vast array of funding options available. The partnership between Crowdfunder and Virgin StartUp is a unique way for entrepreneurs to secure funding and receive the support and information they need to get their business ideas off the ground.”
MD, Phil Geraghty added: “Working with Virgin Startup to champion funding for start-ups will create many opportunities for businesses. Our experience shows that demonstrating your project is getting support, validates the idea and can unlock even more funding. At Crowdfunder we strive to consistently offer additional opportunities to projects alongside crowdfunding to help turn more ideas into reality.”
The idea to take on a crowdfuding platform and then have the opportunity to apply for a loan to boost you capital is very interesting, but what we want to know is; how will the successful loan applicant be assessed?
We will keep our ears to the ground to find out more about this new partnership and what the first successful crowdfunding and loan recipient has to say about the process – in the meantime, this sounds really cool.