Crowdfunding and crowdlending: finance a project in 2026 (donation, loan, equity)

Quick answer. Crowdfunding covers three distinct forms: donation (with or without reward), loan (crowdlending, remunerated or not) and capital investment (equity). Each has its own rules, costs and taxation. In 2026, platforms operating in France must be approved as crowdfunding service providers (PSFP) under EU Regulation 2020/1503, supervised by the AMF; this framework allows offers up to €5 million per project over twelve rolling months.

Since EU Regulation 2020/1503 took effect, the status of crowdfunding platforms is harmonized across Europe. In France, loan and securities platforms operate under the PSFP status, granted and supervised by the Financial Markets Authority (AMF). Former statuses (participatory investment adviser, participatory financing intermediary) gradually gave way to this regime, which is more demanding on governance, transparency and investor protection.

For you, as project owner or investor, this means more security and clarity. Crowdfunding fits into a broader strategy, alongside public innovation aid and other business financing solutions.

Donation (with or without reward)#

You collect funds from a community. The donation can be pure (no reward, common for social or cultural projects) or with a reward (the contributor receives an early product, access, recognition). As soon as a reward is provided, the operation is treated as a sale: it counts as turnover and, where relevant, VAT applies.

Loan (crowdlending)#

You borrow from a community of lenders via an approved platform. The loan can be remunerated (with interest) or interest-free (sometimes as mini-bonds). You repay on schedule. For the company, interest paid is a deductible financial charge. For an individual lender, interest received is in principle subject to the flat-rate tax.

Capital investment (equity)#

Investors acquire securities in your company. They share in capital and results, with no guaranteed repayment: their exit comes through a resale, acquisition or later sale. This is the most structuring form, akin to a capital round.

• Donation: for a social or cultural project, or to quickly validate a market (pre-orders) without diluting or borrowing.
• Participatory loan: to finance a short-to-medium need with healthy cash, preserving capital.
• Equity: for a high-growth project, ready to welcome investors and the shared governance that comes with them.

Nothing prevents combining forms over time: a validation donation, then a loan, then a capital round.

EU Regulation 2020/1503 created the crowdfunding service provider (PSFP) status. In France, the AMF grants the approval and supervises platforms. The framework allows offers up to €5 million per project over twelve rolling months; beyond this threshold, the operation falls outside the regulation and is governed by other regimes (such as a public offering of securities).

Before launching a campaign, check that the platform is PSFP-approved. The list of approved providers is available from the AMF. A non-approved platform operates outside the framework, exposing you to regulatory risk.

For equity, the investor may, under conditions, benefit from the IR-PME tax reduction (18% standard rate, article 199 terdecies-0 A). Avoid any quantified promise of a tax benefit without verifying your company's eligibility.

The choice of platform largely determines the campaign's success. Beyond the PSFP approval, essential for loans and equity, several criteria deserve attention:

• Specialisation: some platforms are generalist, others focused on donation, SME lending or equity investment; still others concentrate on a sector (ecological transition, real estate, local retail).
• Audience and success rate: an active community and a record of completed campaigns improve your odds; ask for selection and success statistics.
• Support: preparation of the collection page, communication advice, introductions — real support often makes the difference.
• Fee structure: a collection commission taken from the amount raised, file fees, ongoing management fees for a loan or shareholder administration for equity. These costs vary by form and platform: compare them before committing.

Finally, read the terms carefully: "all-or-nothing" or "flexible" model, fund disbursement timing, reporting obligations. These often-overlooked parameters determine what you actually receive and what you must handle after the collection. An early discussion with your accountant helps cost these fees, anticipate their accounting treatment and choose between platforms on an informed basis.

1. Choose the form and precise amount: a clear, costed target inspires confidence.
2. Select a PSFP-approved platform suited to your form (donation, loan, equity).
3. Prepare documentation: project description and fund-use plan (donation); forecast and repayment plan (loan); presentation, cap table and business plan (equity).
4. Frame taxation and accounting upstream (VAT on a reward donation, recording a loan as debt, treatment of a capital increase).
5. Run the campaign over a short window (often four to eight weeks), then ensure post-collection reporting.

• Micro-enterprise: donation and loan remain possible; equity is unsuitable without separate share capital.
• Innovative project: combine crowdfunding with innovation financing and, where relevant, a Bpifrance guarantee on a complementary bank loan.
• Target not reached: depending on the platform, the "all-or-nothing" model pays you nothing if the threshold is not met; the "flexible" model leaves you the collected amount. Check before launching.

• Reward donation = sale. If you offer a product or service, invoice and apply VAT where relevant; a rewarded donation is not exempt.
• A loan is not a product. Record it as debt on the liabilities side, not as turnover; interest goes to financial charges.
• Platform costs. Build them into your plan: collection commissions and fees vary by form and platform.
• Approved platform. Only run a loan or equity campaign on an AMF-approved PSFP platform.
• Post-collection reporting. In equity especially, investors expect regular information: anticipate this load.

We support project owners on these campaigns every year. The most common mistake is not the choice of form, but the accounting and tax preparation. A recent case: a company had collected a participatory loan without recording it correctly as debt. During a bank audit for additional credit, the discrepancy had to be corrected, delaying the operation. A few days of upstream preparation would have avoided several weeks of friction.

Our conviction: crowdfunding is a powerful lever when it fits a coherent financial structure. Choose the form according to your cycle (validation, short-term need, growth), secure taxation before launch, and combine tools over time rather than expecting everything from a single campaign.

Hayot Expertise recommendation. Before launching, have your structure audited: the most suitable form, VAT treatment of any reward donation, recording of a loan, the effects of a capital increase on your cap table. Also verify the platform's PSFP approval. This upstream diagnostic secures the collection and your future relations with contributors and investors.