British tech start-ups are lobbying the government for an emergency support package to help them weather the storm of the coronavirus pandemic.
The U.K., which has been formally on lockdown since March 23, introduced a stimulus plan for businesses hit hard by the virus outbreak earlier this month.loan scheme and other relief measuresBut many start-ups in the country say they cannot access such funding. That's because they have to prove they would be "viable" businesses if not for the disruption caused by COVID-19, potentially blocking out ventures that focus more on growth than profits.
"The loan program is not relevant to a lot of start-ups in the ecosystem," Russ Shaw, founder of Tech London Advocates, an industry lobbying group, told CNBC last week. "Many if not all are loss-making, so they would not quality for that support." Meanwhile, some lenders have come under fire for requiring personal guarantees to issue the emergency loans. Agreeing such terms would mean banks could go after individual company directors' assets if their business goes under.
Ry Morgan, co-founder and chief product officer of London-based start-up Unmind, said some of his fellow entrepreneurs have been faced with "bureaucratic red tape" when approaching the banks.
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