Crowdfunding Portsmouth under review by City Council

By Stephen Emerson

18 November 2022

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Portsmouth at dusk

Portsmouth City Council are to review the impact of 'Crowdfunding Portsmouth' with a view to extending the funding initiative.

Council Officers have recommended the initiative, which began in 2019, is extended. The match funding scheme sees finance raised on the crowdfunding platform, supported by further financial support from Council.

Crowdfunding Portsmouth has already supported 34 projects in the city. The £212,068 raised on the crowdfunding platform by qualifying community projects was matched by Council funds of £105,730 over the duration of the project.

Eligibility criteria states once a project has raised 25% of their fundraising target, providing it meets the Council’s terms and conditions, Portsmouth City Council may pledge 50% of the target (up to a maximum of £5,000), subject to available funds within the ward the project is located within.

Projects which can be considered must either, help address the demands developments place on the city; Endeavour to Reduce impacts of development; Play a key role in addressing/improving the need for local infrastructure; or play a role in managing pressures on local services by assisting/empowering community cohesion.

Councillors will be asked to fund the project from Council's 2022/23 share of the UK Shared Prosperity Fund.

The cabinet meets on November 22.

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.