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Business Crowdfunding Webistes

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  • 28-01-2014 4:11pm
    #1
    Buttercake
    Registered Users Posts: 539 ✭✭✭


    Seems to be a few of these "popping" up every week online, like the deals sites

    Are these sites in anyway regulated or can any Joe set one up?


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    #2
    lego101
    Closed Accounts Posts: 61 ✭✭lego101


    I'd say anyone can make one, but getting people on it funding wouldn't be easy! Iv seen Irish sites with about 4 real projects on it, and the rest are just samples :P not much interest in looking for new sites when theres already two massive sites doing everything just fine!


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    #3
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    There is currently no legislation that specifically deals with Crowdfunding. And thus they are not regulated by the central bank in the way that a say bank or a lending institution would be.

    It would be very easy for them to fall into a regulated area. For example giving investment advice unless you hold the appropriate license is illegal.

    So it is a very grey area and I would expect a EU directive to be issued regarding them as most people agree that they fulfill a certain role that is not being adequately served by banks and other providers of finance and are a good thing.

    Dbran


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    #4
    maps and atlas
    Registered Users Posts: 78 ✭✭maps and atlas


    lego101 wrote: »
    I'd say anyone can make one, but getting people on it funding wouldn't be easy! Iv seen Irish sites with about 4 real projects on it, and the rest are just samples :P not much interest in looking for new sites when theres already two massive sites doing everything just fine!

    The biggest and most reputable one in Ireland that I know is LinkedFinance.

    LinkedFinance operate a policy where only a small number of companies pitch for loans at any one time (maybe in a weekly period) but they must have financed close to 100 companies by now.


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    #5
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    maps and atlas wrote: »
    The biggest and most reputable one in Ireland that I know is LinkedFinance.

    LinkedFinance operate a policy where only a small number of companies pitch for loans at any one time (maybe in a weekly period) but they must have financed close to 100 companies by now.

    I got the impression LF was more crowdlending than crowd funding.


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    #6
    Buttercake
    Registered Users Posts: 539 ✭✭✭Buttercake


    Graham wrote: »
    I got the impression LF was more crowdlending than crowd funding.

    Apologies, my topic was mean to say crowd lending and the regulation on that, not crowd funding like donations.

    I had a look at LF and it seems you bid your money to a borrower, ie €500 @ 8% interest, can a website "lend" cash to individuals?


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    #7
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Buttercake wrote: »
    can a website "lend" cash to individuals?

    I think they're lending to companies rather than individuals.


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