A new crowd funding initiative will give residents a chance to support Brixton businesses by loaning money to them.
Community Capital already received over 500 pledges from locals who would invest £10 pounds in local businesses. When a business is in need of a loan, Community Capital will send an email to the people who pledged to invest, encouraging them to lend them the money, with Community Capital providing the administration.
The businesses will repay the loan, with interest, over a number of years. A number of Brixton businesses have been approached and are interested in joining the scheme.
Jonathan Godwin, one of the founders of Community Capital, explained that the initiative was founded by a group of friends who saw local businesses struggling to stay afloat. He said: “We loved going into local coffee shops and being able to say hi to the owner. We would all be willing to loan them £10 and if lots of people could do it we could support local shops better.”
Mr Godwin added: “Brixton residents feel a strong connection with local businesses, and would like a way to show their support when businesses need it. This also offers a way for local people to start benefitting financially from the success of their local area. The vibrancy and diversity of Brixton are the reason so many people visit the area, and there should be a way for the local community to benefit.”
You can sign the pledge at pledges.communitycapital.co/