UK Resources for those Hit by Silicon Valley Bank's Failure

Uncapped

Uncapped has launched an emergency funding programme.

If you would like to receive more information about this programme, please email svb-support@weareuncapped.com. In your email, please include the following details:

• Your short-term funding requirements
• Your latest financial statements
• Your bank statements from the last three months
• Your total balance at SVB

We understand that time is of the essence, and Uncapped is committed to providing funding as quickly as possible. They aim to provide funding of up to $500k by Wednesday and up to $3m

Capchase

Capchase has launched an emergency payroll financing solution for affected startups.

You can register to access the capital through the provided link: https://www.capchase.com/lp/em...

Details on pricing and requirements are still unclear but further information is expected soon.

Bloom & Tapline

Bloom and Tapline are two funding solutions that may be helpful to SaaS companies affected by Silicon Valley Bank's insolvency.

Bloom raised £300M from Fortress last year and is capable of turning around tickets in 24-48 hours.

To receive the fastest response, apply online and email hello@letsbloom.com. James, the founder, is also available directly.

Liquidity

With a commitment to swift action, Liquidity is able to issue Term Sheets within 48 hours of receiving necessary data.

To learn more about this funding solution and to make enquiries, we encourage you to reach out directly to Paul Brodie, the European Head of Investments at paul@liquidity-capital.com.

Here are some important details about the funding structure:

• Liquidity is offering a $1m-$5m facility at a maximum of 20% of the balances held with SVB.
• The facility is structured as a 1-year term with 3 months of interest-only payments prior to capital repayments.

Tapline

Tapline has not been impacted by SVB's collapse and remains capable of providing funding to affected SaaS companies.

For more information, visit their website or reach out directly to dean@tapline.io.

Founderpath

Founderpath have cash reserves readily available to support eligible companies. Contact them via the link: https://founderpath.com/

Or contact email: chris@founderpath.com.

• Have a second bank account (outside of SVB)
• Are seeking funding of $250k-$500k to cover payroll next week and have a plan in place beyond that timeframe.
• Have a minimum of $1,000,000 ARR.
• Are operating within the B2B SaaS space.

Velocity Group

Velocity provides a scalable credit line to digital businesses focused on consumer products or digital distribution. Contact flavia@velocity-group.com

Their credit line offers:

• Longer term length: available for 2 years
• Flexible payback period: between 3 and 12 months for each drawdown
• Larger amounts: up to £8 million or 5x-10x monthly revenue/50% of equity raise
• Lower interest rates: only pay for what you use, with rates between 1% - 2% per month on drawdown amount only.

Short term financing options

In an effort to provide support, we wanted to highlight several funding solutions that may be of help:

• Muse provides short-term funding to companies and can offer funding within 24 hours. To learn more, please visit their website: https://getmymuse.com/

• Tranch is offering credit lines to help minimize the impact of recent events on operational spend. By signing up, they will pay your suppliers on your behalf to support your working capital needs, up to $500,000. To find out more information about their SVB-focused solutions, please visit this page: https://tranch.com/

• Invoice factoring is another option for those seeking financing. You could try: https://www.iwoca.co.uk/ , https://www.fundingoptions.com... or https://swoopfunding.com/ to explore options.

Managing Working Capital

We recognize that waiting for a government solution or SVB buyer may not be a viable option.

You could:

• Incentivise customers with an early payment discount

• Consider pausing all non-critical payments and delaying invoices that aren't required to be paid immediately. If necessary, try to negotiate an extension with suppliers for any payment that is required.

• You may be able to negotiate an PAYE repayment plan with HMRC. PAYE is not due until 22nd of the month, and it's worth noting that the penalty for late payments starts at 1%.
  
  
• Raise investment from new or existing investors. You could look at SEIS/EIS Advance Assurance or a Convertible Loan Note to get cash in quickly from investors. Seedlegals have posted an article about your fundraising options through their platform: https://seedlegals.com/resourc...

Banks

Here are a list of friendly bankers that founders have said are helpful in helpfulness order (we can’t vouch for them).

• Brittany.m.banker@us.hsbc.com
• leyonna.m.barba@jpmorgan.com
• James.Noyes@coutts.com
• toby.barrett@natwest.com
• tom.walker@rbs.co.uk
• antonios.themistokleous@jpmorgan.com
• tom.dods@cibc.co.uk
• ian.teeney@barclays.com
• piotr.tyminski@citi.com

Neo banks (this list is intentional in inclusions and notable omissions)

• Wise
• Tide
• Starling

Please note - Wise is an e-money institution and keeps its money with other banks if it fails, the the money is held with a bunch of other institutions, any may take a while for it to come back.

Tide holds its money with Clear.bank and is protected to £85k under the government scheme (clear bank afaik also doesn’t lend its money and it stores its money with HM Treasury) , Starling is its own bank, and also protected to £85k. Note the above provide fast access to a bank account, we recommend you also open a bank account with a large traditional banking institution to diversify your risk.

Information evidence back to the Government to assess impact:

The government is treating this issue as a high priority, with discussions between the Governor of the Bank of England, the Prime Minister and the Chancellor taking place over the weekend. The government is working at pace on a solution to avoid or minimise damage to tech companies in the UK and to bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met.

In order for the Government and the regulators to have a full assessment of the impact please send data to HM Treasury. It would be helpful for them to know:

1. Name of Firm
2. Approx amount on deposit at SVB UK
3. Approx monthly cash burn if that is a consideration
4. Whether the firm banks only with SVB UK or has access to other UK banking facilities

This information can be sent in confidence to EST@HMTreasury.gov.uk with a clear subject line of SVB UK.

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