What is crowdfunding?
Crowdfunding is the practice of sourcing small contributions from a large number of people to provide funding for a particular project or campaign, usually via the Internet and social media connections.
How does The Local Crowd Crowdfunding platform work?
Individuals or groups create fundraising campaigns that contain a specific funding goal and timeline to fund a current project. Supporters can contribute to the campaign both financially and through in kind contributions and are encouraged to share the campaign with their own community and social network.
How is this platform different from other crowdfunding platforms like Kickstarter and Indiegogo?
The Local Crowd Monadnock is about us -- our region, our community -- and the goals we've created around economic development and prosperity. There's also an educational and technical assistance component offered to campaign organizers that isn't included in most other platforms.
Who can contribute to fund a campaign?
Everyone! Any person can contribute to any campaign regardless where they live, inside or outside of the Monadnock Region.
How do I contribute to a campaign?
Browse campaigns and find one you’d like to contribute to. Click the “Make a donation” link and follow the directions to make your donation online.
You can also contribute by sharing the campaign with your friends and family.
There is also the option to Sponsor a Reward, which allows individuals to share a talent or service and for entrepreneurs to place their business’s service or product on the campaign’s Marketplace as a reward for other campaign supporters.
What methods of payment are accepted?
All major credit cards are accepted for online donations. Donations can also be made “offline” by check. Make your check out to Monadnock Economic Development Corporation and add the campaign name in the memo. Mail your check to The Local Crowd Monadnock, c/o Monadnock Buy Local, 63 Emerald Street PMB #114, Keene, NH 03431.
Is there a minimum or a maximum I can contribute?
No, all donations will be accepted regardless of amount.
Is my contribution tax deductible?
If a campaign is for a for-profit business, your contribution is not tax deductible. If it's for a non-profit, your contribution (minus the cost of any reward) may be tax deductible. Please contact us to find out if a campaign is for a non-profit and if they are providing donation receipts for tax purposes.
If I contribute, when is my credit card charged?
Immediately upon donation.
Does the crowdfunding platform store my credit card information?
No, the crowdfunding processor does not store any payment or credit card information.
Is my contribution amount publicly displayed?
Yes, your name (not an amount) will be displayed unless you choose “Keep my pledge anonymous" option when completing your donation.
How does a campaign receive its funding?
Funds are transferred to the campaign creator once the contributions are processed (24 hours after their campaign ends). The campaign teams will be able to access these funds through a special account set up when they create their campaign.
What portion of my contribution goes to the project I’ve supported?
The following credit card processing fees apply to all credit card donations and the administrative fee applies to all contributions:
2.9% + $0.30 per transaction is assessed by the credit card company at the time of donation.
The crowdfunding platform charges an administrative fee of 5%, which is an industry average. A portion of this is generally returned to the campaign creator as an incentive for reaching or exceeding their goal. The remainder is used to pay costs associated with hosting, administering and promoting the platform and for providing direct assistance to campaign creators.
Can I share that I contributed to a campaign through my social media accounts?
Yes! There is a button on the donation page that you will see after a contribution is given that allows donors to share their contribution with their own social networks right from the page. You can also share the campaign’s URL directly on social media or use the share button from the campaign page.
How do contributors know that their contributions will be used for the campaign that they gave to?
Your contribution will go only to the campaign(s) you have designated. Each campaign has a separate account.
How will I know if and when the campaign I contribute to reaches its goal?
You can check back on the campaign page to watch funding progress. You can also sign up for updates or follow the campaign’s social media pages for updates. You will receive an email when the campaign fundraising time has expired regardless of the campaign’s success.
What happens if a campaign exceeds its specified campaign fundraising goal?
Each of the campaign teams has identified a set of baseline tasks and goals in addition to a set of “stretch goals.” Should a campaign be fortunate enough to exceed its funding goal, the additional funds will be utilized to help the team reach the additional campaign goals as identified in their campaign pages.
Are contributions returned if the campaign does not reach its stated fundraising goal?
No. We believe that campaigns should be able to keep the funds that are raised, even if the total funding goal may not have been reached. We expect each campaign team to make some progress in achieving their goals even if they are not fully funded. Campaigns are required to report to their supporters on the exact use of funds received.