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Volksbank starts new crowdfunding project for associations

Volksbank started a crowdfunding support program to help associations, in the Hoxter district, affected by the coronavirus. Taking part is easy, but certain requirements must be met. The most important is that the project must benefit people affected by the current crisis. To ensure the collected donations reach the required location as quickly as possible, the term is being shortened to 45 days.

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Under #JointlyagainstCorona, Vereinigte Volksbank in the Höxter district has launched a new crowdfunding support program. To this end, Vereinigte Volksbank created a digital donation platform in 2018, where non-profit, regional associations can present their project and collect donations. “In most cases, the project initiators are club members of local sports, carnival, music, riding, cultural or shooting clubs,” explained Marleen Menne, the employee responsible for crowdfunding and donations.

“In the current situation, it is more important than ever to show solidarity and, in keeping with our cooperative motto “Many can do more”, to strengthen social interaction in the Höxter district. That is why we support projects of charitable aid organizations such as the Tafel, the homeless aid, the blood donation service, or the Diakonie with a special support program. Every project starts on our crowdfunding platform with a bonus of $1,085 (€1,000) and every additional donation received is doubled up to a maximum of $27 (€25). We do this until a total donation amount of a maximum of $5,420 (€5,000) is reached – for donations over $27 (€25) we also add $27 (€25),” happily emphasized Paul Löneke, Chairman of the Board of Management of Vereinigte Volksbank.

Read more about Volksbank’s crowdfunding support program to help associations in the Höxter district cope with the corona crisis, and get free access to the latest financial news from around the world with the Born2Invest mobile app.

Some requirements must be fulfilled

To be able to submit a Corona aid project on the crowdfunding platform www.v-vb.viele-schaffen-mehr.de, certain requirements must be met. The most important is that the project must benefit people affected by the current crisis. There are many examples, ranging from “meals on wheels” for the homeless or telephone counseling to the purchase of protective equipment for the German Red Cross. In addition, it must be a non-profit institution with its headquarters in the business area and an account at Vereinigte Volksbank.

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In order to ensure that the collected donations reach the required location as quickly as possible, the term is being shortened from 90 to 45 days. The well-known “all or nothing” principle will be suspended. This means that every euro counts and benefits the project. Aid projects can be submitted until June 30th, 2020. The use of the platform is free of charge and easy to use for both the project starter and the donor.

“Making a difference together in the region”

“With our limited crowdfunding support program #jointly againstCorona we want to support people in need who depend on our local charitable institutions. Because one thing is clear: we can only survive such a crisis if we join forces and work together. In this way, we can all make a difference in our region,” explained Frank Golüke, Head of Private Customer Care at Vereinigte Volksbank.

“With the new development program, we would like to make our contribution in solidarity and assume responsibility together with the citizens. Because only with the support of each individual can the full potential of crowdfunding be tapped. An idea that is based on our basic cooperative idea “What one man cannot do, many can do” and has already proven its worth with the introduction of the platform in 2018,” added Paul Löneke.

Since the launch of the crowdfunding platform, more than 3,800 supporters have collected almost $326,000 (€300,000) for 48 projects. In the meantime, the local Volksbank has spent almost $135,600 (€125,000) on co-funding the associations. Due to the current situation, only Corona aid projects and not the usual association projects will be accepted temporarily.

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First published in Neue Westfalische, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Isaac Atwood is a PR and marketing consultant who has worked with respected names in the financial industry. He has also sat down in many sessions with startups aiming to become the next unicorn. Isaac loves working with CEOs, business executives, and entrepreneurs who wish to enter the following markets: artificial intelligence, cannabis, virtual reality, cryptocurrencies, robotics, wearable and smart tech, and even the much-hyped space race. He is currently managing the brand portfolio of an Asian firm planning for its IPO by the end of the year. While his engagements have taken him around the world, Isaac is proud to call Toronto his home.