Join BI PrimeSome of the biggest tech startups in the UK are demanding better access to financial support from the government, as the coronavirus pandemic threatens to put fledgling firms out of business.
They warned that they and other bigger startups had prioritized growth over profitability. With a likely economic freeze on the horizon, their revenue is now at risk and funding may be tough to come by. "These are companies that are committing investment to innovation and topline growth," he said. "And many, although not all, will become the future scale-ups in this country."
Suzanne Dibble, a legal expert and one-time lawyer for Richard Branson, agreed the scheme could be made more accessible. "An increased favorable tax position for investors could stimulate activity," Rodgerson told Business Insider. "This will give businesses vital breathing space by widening the scope to raise new funds from friends, family and other existing investors," he said. A convertible loan is a short-term debt that eventually converts into equity, usually during a later investment round., said such loans could provide a "route forward" for struggling firms.
"In the current crisis, the government could look to give qualifying companies a line of credit reflecting an average of their last three years' tax credit amount," she said.
3 years into my startup with real revenue of the US government loan rescue program is a distant and unattainable vision.
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