In a statement today, the UK Chancellor of the Exchequer Rishi Sunak announced an extension of Coronavirus programs that support impacted businesses. The Chancellor announced that the Bounce Back Loan scheme will offer greater repayment flexibility for firms including an extension of the length of the loan from six years to ten.
The Coronavirus Business Interruption Loan Scheme (CBILS) also received an extension on the term of loans from a maximum of six years to ten years.
The Chancellor also announced he would be extending applications for the government’s coronavirus loan schemes that are helping over a million businesses until the end of November.
As a result, more businesses will now be able to benefit from the CBILS, the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the Bounce Back Loan Scheme and the Future Fund.
The Future Fund is a matching program where the UK government will match investments in qualifying early stage firms in a covertible securities offering.
The Chancellor worried about the resurgence of COVID-19 and the “threat to our fragile economic recovery.”
Innovate Finance CEO Charlotte Crosswell commented on the news:
“We welcome the extension of the coronavirus business loan schemes in response to the ongoing economic uncertainty caused by Covid. Innovate Finance has been in regular conversations with government officials and regulators over the summer, on behalf of non-bank lenders to highlight the unique and important role they are playing in providing finance and emergency loans to SMEs. While the CBILS extension is a crucial step, it is only a short-term measure. We have consistently advocated for a long term solution for SME financing and are therefore encouraged by the announcement that the Chancellor will introduce a new, sustainable scheme from January onwards. We look forward to continuing our discussions with government on our proposals for the new scheme.”
Crosswell said that banks and non-banks must work together to continue lending in an uncertain environment to suppor economic recovery and UK competitiveness.
“The Fintech sector stands ready to play an important role in funding SMEs, to help them manage the uncertainty of the crisis and plan for their future growth,” stated Crosswell.
Earlier this week, it was reported that businesses across the UK have benefitted from 1,328,091 government-guaranteed loans worth £57.3 billion during the crisis through the schemes.
This includes 1,260,940 Bounce Back Loans worth £38 billion, 66,585 loans worth £15.5 billion through the Coronavirus Business Interruption Loan Scheme and 566 loans worth £3.8 billion through the Coronavirus Large Business Interruption Loan Scheme.
Regarding the Future Fund, to date, there has been £720 million worth of convertible loans approved for 711 companies since the fund opened for applications on 20 May. This amount has been matched by at least the same amount from third-party investors.
Fintechs are facilitating both the lending programs as well as the Future Fund.
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Earn $10,249 a Year in FREE “Crypto Income”
Last December, I wrote to you about a new way to make money with cryptos.
It didn’t involve risking your money on high-risk crypto tokens. Instead, it was a way to earn safe, consistent income — for FREE — month after month.
In fact, as I’ll explain today, if you’d followed my advice, you could have earned as much as $10,249 over the past year.
But if you didn’t follow my advice, not to worry…
Because as I’m about to explain, you can still take advantage of this strategy today…
Let Me Introduce You to Sandy
Before I reveal this powerful income-generating strategy, let me introduce you to someone:
Her name is “Sandy” — or, as she’s more commonly known, Hurricane Sandy.
Sandy hit New York on October 29th, 2012. According to Business Insider, it was the “worst storm to hit the area since at least [the year] 1700.”
It dropped over 14 feet of water on lower Manhattan, and it left millions of residents without power, cell phone service, or the internet.
People had no way to get in touch with their loved ones, or to get access to emergency info.
But for residents of a tiny neighborhood in Brooklyn, it was quite a different story…
A Peer-to-Peer Network Saves the Day
When Sandy hit and the internet went down, a small group of technologists in an old industrial neighborhood called Red Hook sprang into action.
They set up a “peer-to-peer” network called a “local mesh network.” This enabled residents to connect to each other’s computers directly, so they could communicate.
Everyone else was trying to get online the traditional way: by connecting to a single server. But since that single server wasn’t working, they were out of luck.
Here’s an image that shows a traditional network versus a peer-to-peer network:
As you can see, there’s no “middleman” in the peer-to-peer network…
So there’s no single point of failure!
This Could be Huge
This type of peer-to-peer technology is a big deal…
The next time a natural disaster occurs — or God forbid, if there’s a terrorist strike — it could keep people online and connected.
This explains why Grandview Research estimates that, by 2025, such networks could turn into a market worth $11 billion.
It also explains why venture capitalists are pouring money into this sector. For example, Union Square Ventures recently invested $15 million into a peer-to-peer networking startup.
And as it turns out, you could profit from this deal, too.
Let me explain…
Union Square Ventures is one of the most successful venture firms in the country.
It was an early investor in billion-dollar startups like Twitter and Tumblr.
And now it’s invested in a peer-to-peer networking startup called Helium.
Simply put, Helium has built a simple device that acts as a “hot spot.”
Once you put the device in your home, people in your neighborhood can use it to connect to each other instantly.
This device is a breakthrough. You see, when the Red Hook technologists set up their network during Hurricane Sandy, they encountered huge problems. For example:
- They had to create their own custom software.
- They were forced to rely on inefficient hardware and unsecure connections.
- They had to pay huge electricity bills.
But Helium fixes all of these problems in one fell swoop. And now, during an emergency, a Helium network could mean the difference between life and death.
And that’s why Helium wants to incentivize you to set one up…
New Crypto: Helium Tokens
Simply put, if you set up a Helium network, you can earn real money.
Here’s how it works:
- Helium has created a crypto-currency called Helium Tokens (HNT).
- To earn these coins, you just need to set up and maintain a Helium network.
- And because these coins are traded on various crypto exchanges, you can exchange them for real dollars.
Fred Wilson, a partner at Union Square Ventures, has earned roughly 8,266 Helium Tokens since he first set up his device a year ago.
Based on the current price for Helium Tokens, that works out to roughly $10,249 in extra income in the past year alone!
And now you have the chance to start earning income like that, too!
Cash-in on Cryptos Today
Keep in mind: to get started, you’ll need to pay a few hundred dollars for the Helium device.
But once you own the device, you essentially have a source of free income.
To learn more, visit Helium’s website here »
easyHire: Disrupting the £23B Equipment Hire Market
When investing, your capital is at risk.
If you recognise its distinctive orange branding, you’re among the 90% of people in Europe who are familiar with the easy family of brands.
They have every industry covered, including now equipment hire, the market easyHire has taken by storm. Having raised £1.5 million from leading investors, easyHire are gearing up to disrupt the £23 billion European market for event and construction equipment hire. They already have 3 million pieces of inventory online (and counting) and have raised over £460,000 from more than 500 investors in their crowdfunding round which hit its target in just a few days.
We sat down with co-founders Andrew Guzzoni and Dennis Helderman to find out what’s in store for the household brand with global ambitions.
What is easyHire’s vision?
Our technological vision is to be a truly globalized business built off one platform, in the cloud, and support every country’s equipment hire ecosystem instantly with live updates and real-time upgrades. We aim to transform Europe’s leading value brand into a global force making equipment hire easy and affordable to all.
What gap in the market is easyHire solving?
As it stands, the equipment rental market is incredibly fragmented. There are thousands of hire companies across Europe with no strong consumer brand that are operating in a £23 billion market. The sheer value of the addressable market means a value-driven approach is perfect.
easyToolhire and easyEventhire franchises have the potential to create the first truly pan-European rental brand. We partner with independent hire operators in protected territories, giving them the leverage of an internationally known brand so they can reach a broadened customer base they wouldn’t otherwise have access to.
The tool hire industry has traditionally been a handshake industry. There hasn’t been much digitisation of technology application which makes it difficult for independent operators to meet the demands of an increasingly online, customer-focused market. They don’t have the infrastructure to manage all the technology solutions that are required to make this market seamless and streamlined for customers. easyHire offers turn-key digitisation – our API-led strategy focuses on integrations for business functions such as inventory management, CRM systems, payment processing, digital customer portals providing past/current hires, invoices, team management, smart recommendations (AI), and much more. Our franchises can reap the rewards of world class technology at a fraction of cost and at a touch of a button.
Over time we also have clear network effects. The larger our franchise network gets, the more we’ll be able to reduce costs for franchise partners by acting as a buying group for their supply chain. It’s ultimately internationally scalable and has huge potential to totally revolutionise this industry.
What are the benefits of the franchise model?
Operating a franchise model allows us to partner with experienced independent operators on the ground that have been in the business for over ten years on average. We get to leverage their expertise, knowledge of specific domestic market needs, and onboard all of their inventory. In return, we deliver a brand that supercharges their marketing and a seamless user experience that allows them to multiply their customer touchpoints and control them through structured online operations.
What are the primary revenue streams for the business?
Our franchises trade through the easy brand for both online and physical sales. We have a number of revenue streams in our financial model and our pricing varies by franchise depending on their size and size of their local market. These include Setup Fees, Annual, Exclusivity Fees, Monthly SAAS platform fees, Royalty Fees – 10% of sales, and other miscellaneous fees such as insurance commissions that we currently have in the pipeline.
How has easyHire adapted to changing conditions throughout the Covid-19 crisis?
The pandemic has changed the landscape of this industry, but in many ways for the better. Due to COVID-19 we focused on tool and plant hire in the construction industry and within months signed our first franchises in new markets such as Italy during the Pandemic. Growth has also accelerated because the entire industry has been forced to digitise much faster than it otherwise would have. Business owners are now more willing to invest in technology, to upgrade their online presence and optimise their internal systems and processes. An industry that was going to take 10 years to digitise is now doing it in 2.
What’s next for easyHire in the way of partnerships, international expansion and product development?
We’re very grateful for the community response to our Seedrs campaign, and looking forward to taking the 500+ investors onboard with us on our journey! We have an incredibly exciting pipeline and roadmap. We are currently ‘live’ in the UK (see easyEventhire and easyToolhire) and Italy (see easyNoleggio), and will be launching in France and Spain in the coming months. We’re also unveiling some big digital upgrades for our franchises and have a few exciting partnership announcements that we will be sharing in due course
What’s the most important skill you’ve learned in running a business?
Dennis: One of the most important skills I’ve picked up running a business is patience. You have to trust the process. I’m always very ambitious with deadlines and getting things done, but when working with growing teams and other stakeholders, plans generally will take longer than expected to execute, compared to just doing it yourself. That’s normal and you have to accept it, and plan for it.
Andrea: Not everyone is like you and that’s a good thing! At the end of the day everybody is different and will approach topics or friction points from different perspectives. People have varying drivers, motivators, and reasons for doing things. While it can make things tougher, this diversity is what makes a great team do exceptional things.
To join over 500 investors backing the go-to destination for equipment hire, visit the pitch now.
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