Crowdfunding site helps donors back businesses in their neighborhood

Smallknot helps neighborhood enterprises to create their own funding projects, with reward packages for pledgers.

There are now numerous crowdfunding platforms helping new and small businesses to find the capital they need, and we’ve seen hyper-local one-project-a-week efforts before in the shape of Lucky Ant. With a similar objective, Smallknot helps neighborhood enterprises to create their own funding projects, with reward packages for pledgers. Taking its inspiration from the popular Kickstarter crowdfunding site, businesses can upload details about a project they are looking to undertake, as well as set the funding goal and time limit for backers to place a donation. Smallknot aims to help local businesses connect with fans and gain new custom by offering products or services in return for providing financial support. For example, a USD 25 investment in a local bar in Brooklyn currently rewards backers with USD 35 bar tab and a free bowl of pretzels as a thank you, while a USD 250 pledge gains donors a party for eight people. An extra incentive to get involved is provided through the fact that support translates into improvement in their neighborhood. Projects are funded providing they have reached their target by the end date of the campaign. The site aims to be a nationwide service in the US but currently only features projects in New York and South Carolina. One to replicate in your part of the world? Spotted by: Hemanth Chandrasekar