UK resources for those impacted by Silicon Valley Bank’s collapse

By now, you’ll have seen the news that the UK arm of Silicon Valley Bank is set to be declared insolvent by the Bank of England. Many are working around the clock this weekend to assess the impact on their business.

We’ve compiled a list of resources for those impacted 👇

Emergency Funding Programmes

Capchase

Capchase launched an emergency payroll financing solution for affected startups. You can register to access the capital through this link. It is still unclear how the funds will be priced or what will be required, so expect further information on this soon.

Uncapped

Uncapped has also launched an emergency funding programme to support founders impacted. To receive more information, you can email svb-support@weareuncapped.com. You should include the following in the email:

• Short-term funding requirement
• Latest financials
• Last 3 months' bank statements
• Total balance at SVB

They are looking to provide the funding as early as next week — up to $500k by Wednesday and up to $3m by next week (According to Piotr Pisarz)

Liquidity Group

Liquidity has launched an emergency funding solution for impacted companies with Term Sheet issuance in 48 hours after receiving data. Enquiries should go directly to the European Head of Investments, Paul Brodie at paul@liquidity-capital.com.

Funding Structure:

• $1m-$5m facility at a maximum of 20% of the balances held with SVB
• 1-year facility, with 3 months interest only prior to capital repayments

Bloom

Bloom is open and ready for business and is already working around the clock to support founders. They raised £300M from Fortress last year and are able to turn around tickets in 24–48 hours. Email hello@letsbloom.com and apply online for the fastest response. The team is online and ready to support you. James, the founder, is also available directly at james@letsbloom.com if needed.

Tapline

Tapline is also not impacted by SVB and remains capable of providing funding to SaaS companies impacted by the fallout. You can find more information here or reaching out directly to dean@tapline.io.

Other short-term funding options

Raise via a SeedFAST with SeedLegals

You can ask your existing investor base (or new investors) to invest via a SeedFAST on the SeedLegals platform. You can find out more information here or via Anthony Rose.

Funding Circle

Funding Circle provides short-term funding to companies of up to £50k. You can out more information here.

Muse

Muse provides short-term funding to companies. You can find out more information here. They can provide funding within 24 hours.

Tranch

Tranch is offering credit lines to help minimise the impact of recent events on operational spend. Sign up and they will pay your suppliers on your behalf to support your working capital needs up to $500,000.

You can find out more information on an SVB-focused page here.

Invoice factoring

There are dozens of invoice factoring services in the UK, which can be found via a quick google search.

Contacting HM Treasury if you are a UK company is as follows:

Take immediate action to share your situation with HM Treasury by sharing the following information to EST@HMTreasury.gov.uk with the subject line ‘SVB UK’:

• Company name
• Amount on deposit at SVB UK
• Monthly cash burn
• Whether you have access to other banking facilities
• Any other info

What else can you do?

Delay PAYE

If you need to meet payroll, PAYE isn’t due to until the following month, and the penalty for late payments starts at 1%.

Pause all non-critical payments and delay invoices

Review your expenditure and cancel all non-critical costs, and delay any invoices that aren’t required to pay immediately. For any payment that is required, ask the supplier for an extension.

Customer invoices

Consider asking customers to pay early for a discount.

Open more than 1 other business bank account

Challenger banks are much quicker to register new business accounts but given the increased registrations we expect this week, it’s wise to go through multiple providers.

Communicate the situation with your staff and existing investors

Explain the risk and the mitigating steps you are taking.

Other resources

Please let us know if there are other resources available so that we can include them on the list by emailing jonathan@mountsideventures.com