A lost generation of startups: are early-stage companies being left behind? October 15, 2020 Early-stage companies face a difficult winter ahead as barriers to funding increase and the number of failing tech startups soar. Last month saw a record number of filings for administrations, liquidations or dissolutions of the UK’s startups. Research by Plexal and Beauhurst published today reveals more than 1,000 tech startups have filed since the start [...]
Business groups warn London lockdown would ‘crumble’ capital as mayor calls for support October 15, 2020 A London lockdown would “crumble” businesses and turn the capital into a “ghost town”, leading business bodies have warned City A.M, as fresh restrictions are likely to be imposed on the city in the next few days.
Business bodies urge chancellor to ‘go further’ with new furlough scheme October 9, 2020 Businesses in the hospitality sector have said Rishi Sunak’s support package “must go further” to avoid wide-scale job losses, after the chancellor today unveiled a new furlough scheme for businesses facing local lockdowns. Sunak today said the government will pay two thirds of employees’ salaries to businesses forced to shutter under fresh lockdown measures. Firms [...]
Ecommerce platform Clearbanc injects £500m into British startups October 8, 2020 Ecommerce investor Clearbanc has announced its plans to invest £500m into British SMEs over the next year as part of its UK launch. The alternative capital platform, founded by Canadian Dragons’ Den star Michele Romanow, will use its AI platform to invest in British online startups to help with future growth. Clearbanc has already invested [...]
Bounce Back Loan scheme could cost the taxpayer up to £26bn October 7, 2020 The cost to the taxpayer of the government’s emergency loan scheme for struggling small businesses could be as much as £26bn, a new report has found. According to the National Audit Office (NAO), the cost of the government’s Bounce Back Loan scheme “has the potential to be very high” through a combination of firms being [...]
On the brink: SMEs cut off from bounce back loans as banks close to new customers October 6, 2020 Small businesses are being shut out of potentially life-saving bounce back loans (BBLs) because lenders are turning down new customers, despite the funds being fully guaranteed by the government. City A.M. has spoken to a number of businesses who have had applications to set up new business accounts with lenders rejected, often without explanation. Many [...]
UK businesses borrowed more in one quarter than in whole of 2019 October 6, 2020 British businesses borrowed 50 per cent more in the second quarter of 2020 than in the whole of the previous year as the coronavirus crisis hammered the economy, new figures show. Businesses borrowed a total of £34.5bn in the three months to the end of June, according to a report by banking lobby group UK [...]
G-A-Y launches legal challenge against 10pm curfew on hospitality venues October 5, 2020 The owner of London’s G-A-Y nightclub is set to launch a legal challenge against the government’s 10pm hospitality curfew over claims it treats the night-time economy as a “scapegoat” for the spread of coronavirus. Jeremy Joseph, owner of the London club and pub chain, today said he would pursue a potential judicial review on the [...]
Bounce Back Loans helped SMEs, but we must plan for what comes next October 4, 2020 The launch of the Bounce Back Loan scheme was a watershed moment for hundreds of thousands of SMEs across the country. It gave them what they craved — small loans straight into their bank account, with maximum speed and minimum fuss. For many SMEs, this was the first time they had managed to get financial [...]
Crime agency to probe government’s bounce back loan scheme October 2, 2020 Britain’s crime agency will investigate organised crime linked to the government’s bounce back loan scheme, launched to help businesses through the pandemic. The bounce back loan scheme, which launched in May, allows SMEs to borrow up to a quarter of their annual turnover, capped at £50,000. The scheme has proved the most popular form of [...]