Frequently Asked Questions : FAQ
- • WHO ARE WE ?
MOVE is the first crowdfunding platform dedicated to private individuals, organizations and businesses in Corsica.
Thanks to its website www.move.corsica, MOVE offers project starters the possibility to be financed by donors and investors from around the world.
The platform allows anyone to finance independent projects, support organizations and fund corsican businesses.
By investing and donating via this platform, donors know their contribution participates actively in the development of projects they believe in.
Our crowdfunding platform aims to enhance local life and contribute to the economic and social development of Corsica.
This financial alternative is complementary to traditional bank investment. It allows donors to express solidarity for projects and gives investment a “raison d’être” that helps develop connections and communities. The projects supported through MOVE are insular projects, that touch Corsica directly, allowing the Corsican region’s values to find concrete and relevant channels of expression for a better future
In short, MOVE favors creation and development. It supports organizations, artisans, merchants, small businesses, startups, social entrepreneurs, cultural heritage, linguistic heritage and hopes to contribute to the creation of wealth and employment in Corsica.
- • HOW DOES MOVE WORK ?MOVE é fà ! has the necessary legal accreditation for its regulated activity. MOVE é fà ! holds the French accreditation of Intermediary in Participatory Finance. MOVE is also registered in the Unique Register of Intermediaries in Insurance, Bank and Finance (ORIAS), and responds to duties imposed by the National Commission for Information Technology and Civil Liberties (CNIL), the Monetary and Financial Code (CMF), the French Prudential Control and Resolution Authority (ACPR), the General Directorate for Competition, Consumer affairs and Fraud Control (DGCCRF) and the Treatment of Information and Action Against Illicit Financial Circuits (TRACFIN).
- • WHAT IS CROWDFUNDING ?
Crowdfunding is a financial tool for individual projects, businesses and organizations.
It is a financial instrument of the 21st century and uses the web to connect projects and donors and brings about classic financing methods (donations, loans and investments) via the platform.
These financing methods can be used 24/7 by donors and investors from all over the world to support the projects they have selected in the “catalogue” of the platform.
Crowdfunding is born - in this form - with the help of the digital revolution that profoundly impacts our society: consumption, production and social life on local, national and international levels.
The digital revolution is a new industrial revolution; it has sparked new modes of consumption, user experiences and now finance.
This instrument is modern and digital. The issue of fundraising is treated traditionally but with an added digital benefit. After all, crowdfunding is a collection of funds, put in place by financial communications tools, financial marketing and investor relations. This new platform allows those seeking funds to join the new digital market and its social networks. This system is alternative or complementary to traditional banking tools or classic financing methods.
- • TYPES OF PROJECT STARTERS:
MOVE welcomes different kinds of project starters with multiple kinds of funding:
- •Private Individuals
- • TYPES OF PROJECT-FUNDING:Types of project-funding :
- •Crowdfunding with project rewards and donations starting from 5€. Campaigns can begin immediately.
- •Crowdlending with interest rates and investments starting from 20€. First campaigns to be launched in July 2017.
Funding is allocated according to the nature of each project:
- •For private individuals: Donations with project rewards in the form of products or services.
- •For Organizations: Donations with project rewards or Loans without interest in very specific cases.
- •For Businesses: Donations with project rewards or Loans with Interest.
- • QUI PEUT CONTRIBUER ?The heart of the MOVE é fà ! platform is Crowdfunding. The minimum sum for a donation is 5€ and users can donate without any pre-existing limits. For the most ambitious projects, or for contributors that desire significant involvement in a business, or social enterprise, Crowdlending permits users to lend from 20 to 2,000€, through our flexible and secure payment procedures.
- • HOW DO DONATIONS WORK ?
Participatory finance via DONATIONS, also known as CrowdFunding, uses the web platform to connect project starters who wish to be financed and donors looking to invest in their projects. In just a few clicks, donors can invest in projects that speak to them and become a part of the adventure that is crowdfunding. A donor can donate a minimum of 5€, but can go much further, as the platform has no limits on donations. In exchange for a donation, the donor will receive a project reward (in the form of a service or product) as described by the project creator in a brief presentation on the site. The project starter can be a private individual, an organization or even a business. For example, if a donor wishes to fund a beekeeper hoping to buy new beehives, he/she could receive jars of honey in exchange. If a donor funds an organization, he/she would not only receive a tax write-off, but also a privileged invitation to participate in the project as a member donor. There are a number of possibilities for these exchanges, and they depend on the project. Each one is clearly defined in advance by the the project starter, who commits to providing the service once the donation is given. In order to contribute, users create an account, choose a project and join MOVE. In just a few clicks, users can make secure donations via our payment system LEMONWAY. (an established payment system accredited by the ACPR on 12.24..2012 under registration number: 16568J). Users will be kept up-to-date on the project’s advancement throughout the funding operation. The project starters commit to keeping donors informed on the project’s progress as well as provide the services promised (project rewards) in exchange for donations. In joining the donor community, users become a part of a privileged circle of supporters. Financing a project via Crowdfunding is just a few clicks away !
- • HOW DO LOANS WORK ON THE MOVE è fa! PLATFORM ?
Crowdfunding via LOANS, also known as CrowdLending, uses the web platform to connect a project starter and multiple contributors hoping to invest in projects. In this case, the project starter is not a private individual. Crowdlending specifically addresses businesses looking for investors. That being said, there is a possibility to finance non-profit organizations with 0% interest loans, but this is only viable in cases when the project includes a representation of physical persons (in this case, please contact us ahead of time). Contributors can be private individuals or an “investor’s pool” that can loan up to 2,000€ each to the project starter. These contributors choose their project by considering the investment and its financial details: interest rate, risk level, repayment plans and so on. Loans completed via MOVE è fà! are real investments. One must factor in risks of late or non-existent repayments, capital loss and solvency issues.This is why this activity is heavily regulated on our platform: the maximum amount of information must be given to the lender and to the borrower !project starter) so that each one can make the transaction knowing both the risks and benefits of the operation. Both parties are thus protected: the lender in his/her investment as well as the borrower in his/her ability to repay the loan. A number of tools are at the disposal of users in order to understand the operation, these include: a loan guide for both parties, a loan contract, a repayment plan simulator and a contact person to settle any disputes or regulation warnings. MOVE é fà !‘s ORIAS certification and LEMONWAY’s ACPR approved payment system are guarantees for both lender and borrower. FOR BORROWERS: In order to propose a loan project, the project starter (a business) must submit a portfolio on the platform. Users will be asked for information about the business as well as the project itself. These include: Name of the business, SIREN number, company registrations from the last three months, recent tax filings, a business plan, amount desired for the loan and expected loan repayment period. 15 working days after reception of the portfolio, (during which the portfolio will be carefully studied by our team), a response will be sent to users via the platform. If the response is positive, other documents will be required in order to complete the registration process for loan reception: statutes, bank information and the company director’s identification. After this, a risk profile shall be determined with the purpose of establishing the interest rate proposed by the borrower. Once the regulatory aspects have been addressed, the project process can begin.Click herefor the creator’s manual. This process lasts around 3 months, after which the collection of funds will begin for a period of time determined by MOVE. Once the funding campaign period is over, two scenarios are possible: In scenario one, the campaign fails and lenders are 100% reimbursed and collections fees are paid by the borrowers. In scenario two, the campaign succeeds and funds are sent to the borrower who will be contractually obligated to repay the loans under a fixed interest rate following a provisional repayment calendar presented in the original project description. The borrowers must also consistently inform the lenders of the progress of the project. FOR LENDERS: For lenders, the process is simple. Once your account is created on the platform, you can choose a project and invest the sum you desire, with a minimum 20€ investment and a maximum 2,000€ investment. There is a limit of 2,000€ per project investment but you can invest in however many projects you like. A simulator is at your disposal to evaluate your investment capacity. At the end of the funding campaign you will be informed of the success or failure of the project’s fundraising campaign. In the case of failure, you will be reimbursed 100% of the sum invested.
In the case of default on the loan, the platform is not held responsible. For claims regarding repayment after the funding campaign is complete, a process is in place for claims and mediation here.
- • IS CROWDFUNDING A RISK ?
DONATIONS carry no risk, but LOANS are true investments that carry risks. Specifically, loans carry the risks of default on repayment and of partial or complete loss of capital. MOVE è fà! doesn’t guarantee your loans, so we recommend paying close attention to the guarantee on the loan made by the borrower ( this can be found on the project information page) before making any decisions. It is wise to diversify loans and not to spend more than your finances allow. A financial simulator is available on the site. In order to reduce the risks imposed by such loans and to provide a professional service that protects both borrower and lender, the French administration has heavily regulated this sector and has imposed a number of rules to participatory financiers. Platforms carrying the ORIAS logo on the homepage adhere to the laws and regulations designated for the activity of a Participatory Finance Intermediary. This is the case for MOVE, which hold the title of Intermediary in Participatory Finance and is registered in the Unique Register of Intermediaries in Insurance, Bank and Finance (ORIAS),and respond to duties imposed by the National Commission for Information Technology and Civil Liberties (CNIL), the Monetary and Financial Code (CMF), the French Prudential Control and Resolution Authority (ACPR), the General Directorate for Competition, Consumer affairs and Fraud Control (DGCCRF) and Treatment of Information and Action Against Illicit Financial Circuits (TRACFIN).
- • HOW CAN I START A PROJECT ?You can find detailed instructions on how to start a project in the Creator’s Manual.
- • WHO CAN START A PROJECT ?
The projects integrated on MOVE are local, and focus on Corsican individuals, organizations and business. Physical persons, organizations and businesses can ask for donations. Businesses and certain organizations (Law of 1901) that have statutes that include physical persons may also ask for loans.
- • WHAT KIND OF PROJECTS ARE SELECTED VIA THE MOVE È FÀ! PLATFORM ?We look at all kinds of projects as long as they respect MOVE’s terms and conditions. After we examine a project profile, we determine the pertinence of such a project on our platform as well as its chances of success.
- • WHAT IS THE MAXIMUM DURATION OF A FUNDING CAMPAIGN ?The maximum duration of a funding campaign is 90 days.
- • WHAT IS THE STANDARD WAIT TIME FOR THE START OF A FUNDING CAMPAIGN ?The standard wait time for the validation of a project is 15 working days after the full portfolio is received.
- • WHAT DOCUMENTS ARE NECESSARY TO START A PROJECT ?
- • DOES THE MOVE TEAM HELP PROJECT STARTERS ?Of course, our team looks at your project before it goes up on the site and explains the ins and outs of getting started. We also accompany users throughout the funding campaign. More information can be found in the Creator’s manual.
- • CAN THE FUNDRAISING GOAL OF A PROJECT BE EXCEEDED ?
The designated fundraising goal can be exceeded and the the project starter will receive the surplus. Donors should understand the use of excess funds. See section “Determine your funding levels” in the Creator’s Manual). FOR LOANS:
It is not possible to exceed the designated fundraising goal under the Crowdlending system. Once the goal is reached, lenders should be unable to fund the already successful project. In the case of error, they will be reimbursed.
- • WHAT HAPPENS WHEN THE FUNDRAISING GOAL ISN’T REACHED ?
The basic principle of Crowdfunding is ALL or NOTHING. This means that if the goal isn’t reached, donors won’t be charged and the project starter will never receive the funds. The project is then stopped.
- • WHAT ARE THE FEES FOR STARTING A CROWDFUNDING OR CROWDLENDING CAMPAIGN ?See the Creator’s Manual
- • WHAT ARE SOME OF THE ADVANTAGES OF CROWDFUNDING ?
Crowdfunding campaign gives project starters a number of perks:
Fund your project Bring your project to life for an audience and a community Become a part of and connect with that community Have a dedicated audience even after the completion of a project Try out your project and gain insights on how to evolve and do more
- • WHO CAN CONTRIBUTE ON MOVE ?Anyone who is 18 years or older.
- • HOW CAN YOU FINANCIALLY SUPPORT A PROJECT ?
- • HOW CAN I PAY ?You can use your credit/debit card or checks. Payment by credit/debit card is completed via our secure payment operator LEMONWAY. Cash is not accepted.
- • WHY SHOULD I SUPPORT A PROJECT ?Supporting a project on MOVE, is supporting the Corsican region, its citizens, its organizations and its businesses. Supporting a project via MOVE is about supporting causes that matter to you. You select the project you deem interesting, innovative and in line with your values. It also means helping a project come to life and obtaining gratifying, original rewards in exchange for a donation/loan. Additionally, supporting a project on MOVE will allow you to enhance your investment portfolio as you regularly receive interest from loans made via the site.
- • DO I HAVE TO PAY TO BECOME A MEMBER OF MOVE ?No, signing up is 100% free.
- • CAN I CONTRIBUTE TO MULTIPLE PROJECTS AT ONCE ?Of course, users are free to participate in as many projects as they wish.
- • HOW CAN I KEEP UP WITH A PROJECT’S PROGRESS ?The project starter posts news on the platform during the funding campaign. MOVE will send you an email that will share any news posted on the site.
- • WHAT HAPPENS WHEN A PROJECT I SUPPORTED DOESN’T REACH ITS FUNDRAISING GOAL ?If the project does not meet its fundraising goal once the campaign is over, your contribution will be completely reimbursed.
- •CAN I WRITE TO THE PROJECT STARTER ?Yes, via MOVE’s messaging platform.
- • WHAT ARE PROJECT REWARDS ?
For each CROWDFUNDING campaign, donors will be proposed a list of goods or services in exchange for a donation, these are project rewards. You can select the service you’d like depending on the amount you intend to donate. These rewards can be limited in number and their delivery is entirely the responsibility of project starter.
- • HOW DO I KNOW IF A PROJECT STARTER IS RELIABLE ?MOVE carefully reads every portfolio proposed on the site before the campaigns are launched.. We determine the motivation and feasibility of each project. However MOVE is not responsible in the case of project failure.
- • CAN I CANCEL A CONTRIBUTION ONCE IT'S BEEN DONE ?It is not possible to cancel a contribution. However, you can recuperate your contribution if the project does not achieve its initial fundraising goal or if the project starter cancels the campaign.
- • CAN I CHANGE THE AMOUNT I HAVE CONTRIBUTED ?You can increase your contribution before the end of a fundraising campaign but you can’t decrease it.
- • CAN I DEDUCT MY DONATION ON MY TAXES ?
Generally no. However, it is possible if the project starter proposes a project that is authorized to issue tax receipts to donors; this is mostly the case for organizations. If it is possible, it will appear on the project profile page. It important to note that the project starter is the sole party responsible for this deductible. Considering the diverse fiscal status of the projects listed on MOVE, we recommend consulting legal counsel in order to better understand the fiscal benefits of your contributions.
- • HOW IS MOVE PAID ?As a service that puts project starters in contact with donors via a web platform, MOVE receives an 8% commission on funds successfully raised via the platform. An additional 3% charge is added for bank transactions made on the platform.
- • ANY OTHER QUESTIONS? CONTACT US!