UK Companies Take £52.6bn Loan to Survive COVID-19 Crisis
The devastating COVID-19 crisis caused a massive financial hit to businesses in the United Kingdom, confronting them with substantial revenue and cash flow losses. Many of them were forced to ask for support through the government-backed loan schemes to survive in the times of unprecedented economic disruption.
According to data presented by Buy Shares, the cumulative value of loans that have been approved through the Coronavirus Businesses Interruption Loans Scheme (CBILS), Bounce Back Loan Scheme (BBLS), and Coronavirus Large Business Interruption Loan Scheme (CLBILs) in the United Kingdom hit £52.6bn in August.
More than 1.2 Million Loans Approved in Four Months
The United Kingdom’s Government created a range of measures to help support businesses of all sizes throughout the coronavirus crisis. The smaller companies can apply for the Coronavirus Business Interruption Loan Scheme (CBILS), which operates through the British Business Bank via more than 40 accredited lenders. These lenders can provide up to £5 million worth financial help in the form of term loans, overdrafts, and asset finance.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) facilitates access to finance for medium-sized and larger businesses with a group turnover of more than £45 million. This scheme can provide up to £200 million worth financial help for the companies affected by the coronavirus outbreak.
The Bounce Back Loan Scheme (BBLS) allows lenders to provide a six-year term loan from £2,000 to 25% of a business’ turnover.
In the second week of May, the combined value of facilities approved through these three schemes amounted to £14.8bn, revealed the HM Treasury data. By the middle of June, this figure surged by 157% to £38.2bn worth of loans.
Statistics indicate the total value of facilities approved through the Government-backed loan schemes hit £46.2bn by the end of the second week of July. By August 16th, this figure jumped by 14%, reaching a total of $52.6bn.
Statistics indicate the banking and finance industry has supported more than 1.2 million UK businesses with lending schemes to help them through the COVID-19 crisis.
£35.5bn Worth of Loans Approved Through the Bounce Back Loan Scheme
The Bounce Back Loan Scheme represents the most significant part of the government-backed aid package in the United Kingdom, with £35.5bn worth of loans approved by August. This scheme has been a success in providing more than 1.1 million firms with vital government-backed loans at an affordable rate with no interest or repayments due in the first year.
The HM Treasury data revealed the cumulative value of lending through the Coronavirus Business Interruption Loan Scheme reached almost £13.7bn in August or 25% of all approved loans.
Statistics indicate that between May 10th and August 16th, 516 medium-sized and larger businesses in the United Kingdom received £3.5bn worth financial help thought the Coronavirus Large Business Interruption Loan Scheme.
Farmforte, Others Signs MoU To Strengthen and Sustain Growth in Agricultural Sector
Farmforte Limited has signed a strategic Memorandum of Understanding with the Agricultural Fresh Produce Growers and Exporters Association of Nigeria; HYBR, a pan-African innovation firm; and ALTS, a consulting and strategy development firm.
The firm said in a statement on Sunday that the partnership would strengthen common interest cooperation and stimulate inclusive and sustainable growth within the agricultural sector, by capitalising on the synergy and comparative advantage offered by each organisation.
Speaking during the signing ceremony, Farmforte Co-Chief Executive Officer, Osazuwa Osayi, said, “Our mid to long-term strategic goals are further reaffirmed, as this partnership will facilitate the sharing of knowledge, ideas, and expertise across the agricultural sector.
“We will collectively address initiatives and approaches concerning agricultural investments, food security, and the overall robustness of the value chain.”
He said the collaboration would also unlock the full potential of the sector and place it on a renewed path for success, especially within a post-pandemic economy.
The President of AFGEAN, Tajuddeen Dantata, said, “By creating dialogue and fostering investment in the horticulture sector, this partnership will endeavor to support Farmforte in its exporting efforts by improving operational efficacy and cost-savings, while ultimately driving socio-economic growth in the country.”
The Chief Executive Officer, HYBR, Charles Ojei, said to drive inclusion, sustainability, job creation, and Nigeria’s overall economic growth, the optimisation of the agriculture value chain was critical.
“This collaboration is a fusion of the complementary capabilities of all partners to move a bigger agenda forward.”
The Managing Partner, ALTS, Akintunde Sawyerr, said, “The goal of this partnership is to support Farmforte’s vision of becoming the largest agribusiness by 2035 via scalable and world-class innovation across its enterprise.”
OctaFX Launches Dual Life Campaign
International Forex broker, OctaFX has launched a socially conscious marketing campaign called Dual Life aimed at simplifying forex trading and helping Nigerians create wealth.
A statement by the organisation on Monday said that the marketing campaign would celebrate the superpowers of Nigerians who committed their time and efforts to two or more jobs and were successful at each one of them.
It stated that the #DualLifewithOctaFX campaign had influencers in the Nigerian lifestyle and entertainment space such as Toke Makinwa, Bovi, Denola Grey, Timini Egbuson, and others at the core of the engagements, establishing the other sides of the celebrities and influencers as entrepreneurs.
While speaking about the campaign, the Marketing Manager, EMEA, OctaFX, Ali Nwadike said, “We wanted to position forex trading as that activity young Nigerians and everyone else, can engage in, even while focusing on their careers.
“From findings, most young Nigerians today work two or more jobs to pay the bills and attain financial freedom. But, we don’t get to talk about this often or appreciate the efforts, hence the #DualLifewithOctaFX campaign.
“While some see their jobs as a burden, we want people to see it as an achievement; and promote the school of thought that says one, two, many jobs is not bad especially when you are trying to create wealth.”
Nwadike added that more Nigerians would be exposed to the beauty of keeping their regular jobs and careers while making more money from forex trading with the OctaFX Trading App.
The statement also affirmed that OctaFX had made necessary arrangements from assembling forex experts and compiling training guides in the simplest and relatable form.
AfDB Appoints Dr. Beth Dunford as Vice President
The African Development Bank Group (AfDB) has announced the appointment of Dr. Beth Dunford as its Vice President, Agriculture, Human and Social Development. The appointment becomes effective from July 1, 2021.
A statement explained that Dunford, a national of the United States of America, brings extensive experience to this role. She has held senior-level leadership positions in the US government, where she managed large and complex programs, working with the private sector, civil society, and multilateral and bilateral institutions, as well as with African governments, to deliver agricultural, social and human development impact at scale.
Prior to her appointment, Dunford worked as the Assistant to the Administrator in the U.S. Agency for International Development’s (USAID’s) Bureau for Resilience and Food Security, as well as the Deputy Coordinator for Development for Feed the Future, the U.S. government’s global hunger and food security initiative.
“In this dual role, she coordinated Feed the Future across multiple U.S. government agencies, oversaw a $1 billion annual budget and leveraged millions of direct private sector investment annually. In this capacity, she also coordinated a $2.3 billion Feed the Future presidential initiative across 11 US government agencies and forged partnerships within the private sector and civil society targeted at reducing hunger and poverty.
“She also led USAID’s technical and regional expertise focused on improving agriculture-led growth, resilience, nutrition and water security, sanitation and hygiene,” the statement added.
President of the African Development Bank, Dr. Akinwumi Adesina said he was delighted to appoint Dunford as Vice President to lead the Bank’s work on Agriculture, Human and Social Development.
“Beth is a strategic and effective leader with deep knowledge and impressive track record in designing and delivering highly impactful large-scale programs that have helped in lifting 27 million people out of poverty in 36 countries,” he added.
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