LATEST MARKET UPDATE: UK gas and power markets have traded lower across the curve so far this week, with a bearish outlook as Norwegian outages come to an end next month and fears of a second wave of Coronavirus has pushed prices within the wider commodities lower. Oil prices in particular continue to be pressured by the threat of a reduced demand that a second wave of Coronavirus could bring, with prices trading below $40/bbl for the first time since mid-June.

Covid Support Fund – Supporting businesses through uncertain times

The impact of coronavirus and the resulting lockdown has rippled through our economy. While some fortunate  businesses have remained unscathed, most are still trying to find their feet and adapt to working in a post-pandemic world. 

Some businesses will be focused on survival, others will be finding ways to innovate. If you’ve been hit hard by the crisis, then you may find yourself in need of some cash to inject into your business to support growth – or, to simply survive.  

But herein lies the catch-22: now, more than ever, you need funds to invest in your business, but your cash flow is extremely tight as a result of the pandemic. 

Thankfully, there's a solution – and it comes in the form of our Covid Support Fund (CSF). 

What is the CSF? 

We created the CSF because we knew there would be a lot of businesses out there in need of cash, fast. 

It’s a lot like our Revolving Green Fund (RGF), which provides businesses in a wide range of industries with interest-free funding to deliver energy-efficient projects and technologies. Only, this time, the cash is used to help your business deal with the consequences of coronavirus and minimise its impact as much as possible. 

The cash could be used for anything from funding general business operations to paying staff wages, buying equipment or protecting capital expenditure.

Access to these vital funds means you won’t need to put your business plans on hold – something that may very well mean the difference between success and failure.

Top view of successful businessman standing near the entrance of labyrinth

How does it work? 

So, how do you get access to the funding? Similar to our RGF, it’s our job to understand the unique needs of your business and identify the suitable solution. We’ll then secure funding, deliver the cash, and carry out a continuous review to assess whether your business has recovered or if further funding may be required.

The fund is designed to work alongside your energy contract, so you never pay more than what’s on your energy bill. Through an uplift in your unit price a funding pool is created. This fund is then transferred to you with no interest involved.

The energy market has been hugely affected by the pandemic – in some cases, trading prices have dropped by 25-30% compared with pre-pandemic. That’s bad news for energy suppliers, but good news for energy customers; if we can purchase at a lower cost, then you stand to benefit from these savings too. 

Ultimately, we’re able to purchase energy on your behalf, add the uplift and generate the funding at a cost that’s similar to what you’re paying now. 

Our CSF is a fantastic opportunity to make the necessary investments that will see your business not just succeed, but thrive in the months ahead. If you’re interested in finding out more, we’d love to chat – get in touch today!

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