Hertfordshire Local Enterprise Partnership (LEP) is to provide emergency funding to support local retail, tourism and hospitality businesses impacted by Covid-19.

Working in partnership with Visit Herts and Crowdfunder, a Small Business Innovation Fund, has launched to support small and micro businesses within the tourism, leisure, hospitality, retail, arts and cultural sectors. In Hertfordshire, the sector contributes more than 40,000 jobs and £2.2 billion to the local economy each year.

Hertfordshire LEP has set aside £200,000 to support the scheme, by offering grant funding up to a maximum of £5,000 on a £1-for-£1 match basis. Administered by Visit Herts, Crowdfund Hertfordshire: Small Business Innovation Fund will operate through Crowdfunder’s Pay It Forward campaign, which offers businesses a free and simple platform to raise money to help with immediate cash flow and the ability to diversify during these challenging times.

Small retail, tourism and hospitality businesses will be encouraged to raise money through pledges from their community and loyal customers, keen to rally behind their favourite local businesses. Once a business secures their target through the Crowdfunder campaign, successful applicants will be able to unlock up to £5,000 in match funding from the Crowdfund Hertfordshire: Small Business Innovation Fund.

Hertfordshire LEP deputy chair Adrian Hawkins says: “Tourism, retail and hospitality sectors are disproportionately affected by the Covid-19 crisis and are likely to be locked down for longer than other industries. It is vital that we throw a lifeline to the high levels of small and micro businesses within these sectors.

“By helping to provide immediate cash flow, we can enable them to diversify and adapt to the new environment post lockdown and bounce back in the long term.”

www.visithertsbusiness.co.uk/get-involved/crowdfund-hertfordshire-small-business-innovation-fund/