mark
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Post by mark on Apr 5, 2020 11:58:40 GMT
For those investing in AC via Seedrs. There is a lengthy message from Stuart from 1. April on the discussion board. Not much that we don't know already, but a good summary of the state and measures in place. Can you tell me where to find it please? Hi Mikeme Did you receive the 2nd video update and email sent to investors on 31st March titled ' An important update from our CEO, Stuart Law. An investor has pasted the email on the Seedrs site. I believe that is was corto may be referring to.
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corto
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Post by corto on Apr 5, 2020 12:16:23 GMT
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mark
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Post by mark on Apr 5, 2020 12:40:50 GMT
I believe that have to sign up to Seedrs and be a equity investor to gain access to the discussion forum.
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corto
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Post by corto on Apr 5, 2020 12:49:54 GMT
I think so too, that's why the original post addressed those individuals invested at Seedrs.
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savernake
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Post by savernake on Apr 15, 2020 10:49:19 GMT
In their last communication to investors AC spoke with some optimism about the possibility of them soon becoming an accredited lender of CBILs. We were told two partner banks had already been lined up as lending partners. I have been wondering why its all gone quiet on this front, and I was disappointed to read this article today: www.p2pfinancenews.co.uk/2020/04/14/british-business-bank-new-lenders-cbils/Accreditations are still ongoing, and hopefully we'll begin to see some P2P lenders getting on board very soon. I'm sure AC have done everything they can behind the scenes, but it seems the BBB doesn't take fin techs very seriously when it comes to Covid-19. |
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m2btj
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Post by m2btj on Apr 15, 2020 13:45:14 GMT
In their last communication to investors AC spoke with some optimism about the possibility of them soon becoming an accredited lender of CBILs. We were told two partner banks had already been lined up as lending partners. I have been wondering why its all gone quiet on this front, and I was disappointed to read this article today: www.p2pfinancenews.co.uk/2020/04/14/british-business-bank-new-lenders-cbils/Accreditations are still ongoing, and hopefully we'll begin to see some P2P lenders getting on board very soon. I'm sure AC have done everything they can behind the scenes, but it seems the BBB doesn't take fin techs very seriously when it comes to Covid-19. After the lessons of the 2008 financial crisis banks should never be used for CBIL cash! Firstly, they are risk averse. Secondly, not every business has an account with that particular bank. Lastly, they are bureaucratic & inflexible. These new banks will fail small business too! There are a small number of P2P lenders inc. AC that would do a far better job.
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jlend
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Post by jlend on Apr 15, 2020 14:06:41 GMT
In their last communication to investors AC spoke with some optimism about the possibility of them soon becoming an accredited lender of CBILs. We were told two partner banks had already been lined up as lending partners. I have been wondering why its all gone quiet on this front, and I was disappointed to read this article today: www.p2pfinancenews.co.uk/2020/04/14/british-business-bank-new-lenders-cbils/Accreditations are still ongoing, and hopefully we'll begin to see some P2P lenders getting on board very soon. I'm sure AC have done everything they can behind the scenes, but it seems the BBB doesn't take fin techs very seriously when it comes to Covid-19. After the lessons of the 2008 financial crisis banks should never be used for CBIL cash! Firstly, they are risk averse. Secondly, not every business has an account with that particular bank. Lastly, they are bureaucratic & inflexible. These new banks will fail small business too! There are a small number of P2P lenders inc. AC that would do a far better job. There are some great companies that are ahead of AC in the queue. Take Oak North which started in 2015. It has lent over 4bn to support the creation of over 12,000 homes and 17,000 new jobs in SMEs. Much more that AC has achieved. It has the strength to support further lending and now has access to CIBL after the recent announcement. One of the fastest growing internet banks and pre tax profits of 65m. I don't doubt platforms like AC have a part to play but there are some very well placed companies out there that are rightly ahead of AC right now in getting approved for CIBL and are well placed to get the money to SMEs. AC have also mentioned there are two banks that will hopefully provide liquidity to AC to fund loans should AC get CIBL approval. AC need bank money right now as their existing retail lender, institutional and Luxembourg (I assume up and running now) funds appear somewhat limited at least for now as we can all see. I doubt AC will be able to help much with CIBL without money from banks.
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rookey123
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Post by rookey123 on Apr 15, 2020 17:17:41 GMT
If they are smart that's exactly what I hope they are planning. That would be an avenue where they could exit the crisis growing with new funding sources. I agree that is a positive spin but I do feel AC are big enough where they could piggyback off some of the government schemes. Fingers crossed.
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jlend
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Post by jlend on Apr 16, 2020 9:57:30 GMT
If they are smart that's exactly what I hope they are planning. That would be an avenue where they could exit the crisis growing with new funding sources. I agree that is a positive spin but I do feel AC are big enough where they could piggyback off some of the government schemes. Fingers crossed. Agreed. I do hope AC are successful in their application and in the meantime are using their relationships with banks to support exiting AC borrowers which is important.
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Post by Harland Kearney on Apr 17, 2020 9:51:31 GMT
Just had a email Funding Circle got CBILS granted to them.
Surely if they can get it, AC can get it easily. Considering I mean, I truely question FC surviral this year at this point, there SC is completely shut down now, and defaults are soaring (have been before the crash)
Not the board for FC comments, but they aren't even offering these loans to retail investors (looks like they winding down retail investors entirely at this point)
Hopefully AC do get CBILS granted to them.
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savernake
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Post by savernake on Apr 17, 2020 10:25:00 GMT
Assuming AC are granted CBIL's accreditation, and I really hope this happens ASAP, I'd hope retail investors would be allowed to participate. I don't see how else the gridlock in the Access accounts can be shifted without a significant injection of fresh liquidity. Not sure why CBIL loans couldn't be included in the access accounts like any other type of loan?
As much as anything, its about re-building confidence in the platform amongst retail investors. Attracting new funding with loans backed by the government would go a long way to achieving this. Many people who are currently trying to get their money out of AC may be persuaded to re-invest if the government is backing them.
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Post by davee39 on Apr 17, 2020 18:50:55 GMT
This is not where retail lenders want, or will be allowed, to be.
Lending to small business in the current environment is very high risk, lending under the Govt scheme involves a substantial loan guarantee and is not designed for the participation of retail lenders, or to benefit lenders who wish to cash in against long term loans.
I am making no predictions, but I hope that there will be a slow increase in business activity in the next few months which will allow Assetz to continue to work on redeeming lender demands, and might even spark renewed investor interest.
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m2btj
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Post by m2btj on Apr 18, 2020 9:12:26 GMT
Just had a email Funding Circle got CBILS granted to them. Surely if they can get it, AC can get it easily. Considering I mean, I truely question FC surviral this year at this point, there SC is completely shut down now, and defaults are soaring (have been before the crash) Not the board for FC comments, but they aren't even offering these loans to retail investors (looks like they winding down retail investors entirely at this point) Hopefully AC do get CBILS granted to them. I found the news that FC had been granted CBILS status quite staggering. As an investor in FC for some 5 years I find their DD almost non existent & the IPO & share price debacle a touch surreal. I've been winding down my FC account for almost two years & should be fully out this year.
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agent69
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Post by agent69 on Apr 18, 2020 10:29:08 GMT
Just had a email Funding Circle got CBILS granted to them. Surely if they can get it, AC can get it easily. Considering I mean, I truely question FC surviral this year at this point, there SC is completely shut down now, and defaults are soaring (have been before the crash) Not the board for FC comments, but they aren't even offering these loans to retail investors (looks like they winding down retail investors entirely at this point) Hopefully AC do get CBILS granted to them. Or maybe you could look at this from another perspective - If a shambolic operation like FC can get get a slice of the action, what kind of a mess must AC be in not be allowed to participate?
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Post by Harland Kearney on Apr 18, 2020 11:51:34 GMT
Just had a email Funding Circle got CBILS granted to them. Surely if they can get it, AC can get it easily. Considering I mean, I truely question FC surviral this year at this point, there SC is completely shut down now, and defaults are soaring (have been before the crash) Not the board for FC comments, but they aren't even offering these loans to retail investors (looks like they winding down retail investors entirely at this point) Hopefully AC do get CBILS granted to them. Or maybe you could look at this from another perspective - If a shambolic operation like FC can get get a slice of the action, what kind of a mess must AC be in not be allowed to participate? Nobody has said they haven't got it yet. I'm sure we will hear news about it soon. It wont' be open to retail investors I don't think, they have bigger issues right now anyway. Funding Circle likely clinged onto this like anything to be granted it, to get some business into the drying up operation. They off load recoveries to third parties, locked SM; its clear they kicking retail investors into the head lights for a long time if not forever. Does anybody know of any other P2P operations who have been granted it as of yet?
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