Entrepreneurs offered chance to win up to £500 via public vote

A new micro-funding scheme for entrepreneurs which offers grants of up to £500 has launched today.  

Fund101, administered by Enterprise Nation and sponsored by Intuit and PayPal, allows small business owners to access the cash via a public voting process.

Interested entrepreneurs are required to submit an application on the Enterprise Nation website and outline why they require the money. To secure the cash, business owners must receive votes equivalent to the amount of funding they want. Therefore to receive £500, applicants need to attract 500 votes. 

Entrepreneurs have already started to apply for finance. They include the co-founders of Rocktails, winner of the Welsh heat of BusinessZone.co.uk's The Pitch 2011, who are seeking £500 "to wrap [their] car in striking zebra print, to really stand out from the crowd". 

Fund101 will give away up to £5,000 each month. Grants of between £50 and £500 are available.