Please help us to help you!
We are conducting a survey so we understand how businesses are being affected by Covid-19 and what help we can give. You can respond to the survey here.
Do share it with your network!
Latest Member Update
Coronavirus Business Interruption Loan Scheme (CBILS) (as of March 23, 2020)
The Coronavirus Business Interruption Loan Scheme (CBILS), announced by The Chancellor during his recent budget 2020, is now open for applications. It provides facilities for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
The scheme is a borrowing facility which is designed to help viable businesses access finance through their bank or finance provider, where a lender would not be able to provide finance to the business on their normal lending criteria. It will be available to eligible SMEs with a turnover of no more than £45 million per annum, and firms will be able to access up to £5 million in finance.
It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance of up to six years in length with no interest or fees payable by the customer. CBILS provides the lender with a government-backed guarantee potentially enabling a ‘no’ credit decision from a lender to become a ‘yes’. The borrower always remains 100% liable for the debt.
Innovate Finance has been talking to FinTech SME Finance providers about the vital role they can play, as a participating lender, in making sure the CBILS financing is distributed to those most in need as quickly as possible. We have been in regular contact with the BBB, HM Treasury, the Bank of England and UK Finance to both ensure that our members’ concerns are being heard at this time, and to enable those businesses, who can offer alternative lending solutions to SMEs at this critical for those firms, are able to participate in this scheme. We will keep you updated on this!
Please note: This scheme is just one of a number of measures announced by Government and you can find full details of the temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19 here.
Time to Pay – all businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay Service.
CBI Coronavirus Hub
How you can get in contact:
Innovate Finance staff are all working remotely and remain available to you. You can contact us on firstname.lastname@example.org.
If you have questions about your membership, please contact us email@example.com
Alternatively, please use the chat feature on the bottom right of the screen and a member of the team will be in touch.
Currently, due to the COVID-19 global crisis, Innovate Finance have had to make a number of changes to our day-to-day operations. These are as follows:
IFGS 2020 is cancelled. However, we are however delighted to say that we will still take the opportunity to profile the ongoing strength of UK FinTech during the week of April 20-24. This will become digital content, virtual events, smaller roundtables, and partner events. We would love for you to be part of this so please do get in touch with us directly if you are interested in being part of this digital programme.
Currently, all our other in-person events are postponed. We will be looking to deliver our events using various digital media, for an up-to-date events listing, please go here: https://www.innovatefinance.com/events/
Our policy team is working hard to liaise with government, regulators and other trade associations to make sure the voice of FinTech is heard. We know that FinTech has a role to play in supporting vulnerable people and businesses during this crisis. Equally, we also know that many of our members, like many other SMEs in the UK are struggling, so keep your eye out for our regular updates on what support is available.