UK Crowdfunding Association: Sector can play “key role” in economic recovery
The UK Crowdfunding Association (UKCFA) is set to discuss how its members can “get behind the efforts of the government” to support the real economy during the pandemic.
Bruce Davis (pictured), associate director of the trade body and founder of Abundance Investment, said that some of the UKCFA’s members wish to work with the government on its emergency support measures for small businesses.
“Some members have expressed a desire to work with the British Business Bank to support the package of government support which has been made available to UK businesses during the pandemic and others have been active in putting the case for support for start-ups and other businesses that are unable to access lending products,” said Davis.
“Overall the sector is well placed to play a key role in making sure businesses have the finance and investment they need to build back better once we begin to open up the economy again and ease the conditions of lockdown.”
The trade body, whose members include CapitalRise, Abundance Investment, Simple Crowdfunding, Money&Co and Rebuildingsociety, said that discussions will take place at its annual general meeting (AGM) in June.
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“We do believe crowdfunding and peer-to-peer lenders can help,” said Atuksha Poonwassie, associate director of the UKCFA and co-founder and managing director of Simple Crowdfunding.
“I think as a sector we are well-placed to help businesses going forward. This is something that needs to be discussed and digested and that’s one of the conversations we’ll take into the AGM.”
Read more: CapitalRise joins the UK Crowdfunding Association
Daniel Rajkumar, managing director of Rebuildingsociety, welcomed the discussions.
“The industry took a hit last year but is now in a good place to help the economy through different initiatives,” he said.
“I encourage other platforms to join the UKCFA and help communicate with a united voice.”
