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.
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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.
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