Microsoft's Small Business team in a September 9 blog post announced the launching of Fund101 to offer amounts of up to £500 to start ups and young businesses.
"The fund is being launched to meet a gap in the market for business owners who need only a small amount of capital to get going or growing. It is open to anyone in the UK looking to become their own boss or young businesses looking to expand," stated SB team.
The SB team said "Fund101 will provide non-repayable sums of between £50 and £500 via an online application process. Applicants will apply by outlining how much money they need and for what purpose. They will make a case for their business idea, answer questions put forward by the community and look to engage and encourage as many people as possible to vote for them. The number of votes required to obtain the funding is equal to the amount of funding the small business is looking for - so to obtain £500 the applicant will need to secure 500 virtual votes."
"On securing this, the funds will be deposited in their PayPal account with the only payback being that the successful applicant agrees to be profiled on the site a few months later to offer an update on how they're getting on."
Fund101 launched on 5 September with up to £50,000 on offer. Applications are invited at www.enterprisenation.com