A unique app to help business owners source funding has been launched in North Wales by Williams Denton and The Corporate Finance Network (CFN).
The Crowdfunding Options app, which is the first of its type, is designed to help business owners determine which crowdfunding websites may be most suitable for them.
Developed by The CFN, the app was launched at the Conwy Business Centre this week (Thursday, October 3).
Crowdfunding is designed to help those businesses that may not meet the strict criteria of High Street banks, while offering an investment opportunity to individuals.
“The idea is the latest in funding innovations,” said Martin Barrett, director at Llandudno and Bangor-based accountants and tax advisors Williams Denton, which is part of The CFN.
“It means small business owners that are being turned down by High Street banks now have an opportunity to appeal directly to small investors.
“Equally, whereas investing in small businesses was previously the domain of the very rich, this new concept means anyone can invest – whether they want to risk £20,000 or £5.”
Kirsty McGregor, chair of The CFN, who designed the app explained how it works: “There are many new crowdfunders or peer-to-peer lenders launching every month in the UK, and worldwide.
“We have identified the most organised and well-established sites in the UK, 23 of which are focused on small business finance, and considered the funding requirements of each.
“We then built a database, so a business owner can answer some simple questions, confidentially, about their business and their financing need, and the app will select the crowdfunding sites most suitable to investigate further, as possible sources of finance.
“It (crowdfunding) is getting larger and more complicated, and if business owners aren’t pointed in the right direction, they can waste an awful lot of time looking at sites that just aren’t suitable,” added Kirsty.
Once the shortlist has been drawn up, the business owner can then choose if they wish to be introduced to a member firm of The CFN, such as Williams Denton, who can help them with their application, to ensure they get it right.
The app is available for free on the appstore for apple devices and on googleplay for android devices.
For further information email crowdfunding@thecfn.org.uk or download the app at: https://itunes.apple.com/us/app/crowdfunding-options/id669974283?mt=8 ; and on googleplay for android devices: https://play.google.com/store/apps/details?id=uk.org.thecfn.crowdfunding
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