The SME guide through Covid-19

Posted by AkoniHub
Posted on May 27, 2020 Leave a comment

Why is cash an asset during a Covid-19?

Historically, cash is affected by inflation but with lowering inflation and rising interest rates, cash is becoming a true asset class for any strategies and it is a good way to manage your risk. For SMEs, it is the safest route to generate safe returns (best in 2018 and still strong in 2017) and making sure that cash is available when and if required.

How can I maximise my cash management at this time?

UK financial services compensation scheme (FSCS) protects deposits up to £85,000 per account. With Akoni, it is possible to spread cash across multiple banks, in order to make the most of the allowance. Not only does this protect your cash but increases diversity across banks which is also a positive and to be recommended. 

Are there still good interest rates available? 

Although the increased market uncertainty has resulted in cuts in interest rates, there are still good rates available through Akoni’s Cash Planner. Visit www.akonihub.com and register completely free of charge to access the cash marketplace. 

How does Akoni’s platform help with cash management?

Akoni’s cash planner allows SMEs to access multiple bank accounts and market leading rates at the click of a mouse. Through our platform you can easily spread your money across different banks, maximising FSCS protection and diversifying risk at the same time. It’s easy to set up with our online application - you’ll be earning up to 10x interest in no time!

How can I access funding for my business?

Akoni understands that as a result of the national lockdowns, many businesses may struggle to keep afloat. Akoni believes in the power of community and has joined the SME Fintech Task Force, which is dedicated to ensuring that SMEs have access to the financial assistance they need during these uncertain times.

Additionally, the government have created a few support schemes to assist with the continuity of SMEs who are currently struggling as a result of the Covid-19 outbreak:

  • The Coronavirus Business Interruption Loan Scheme (CBILS)- Here
  • The Coronavirus Bounce Back Loan (BBLS)- Here
  • The Coronavirus Job Retention Scheme- Here
  • Deferring Self Assessment payments on account- Here
  • Statutory Sick Pay rebate- Here
  • Self-Employment Income Support Scheme- Here
  • Business rates holiday for retail, hospitality and leisure- Here
  • Small Business Grant Funding- Here
  • Apply for the coronavirus Future Fund- Here

For further information on what we are doing to help, why not check out:

  • Tools to help you navigate your business through Coronavirus- Here
  • Helping Hands- Akoni's Covid-19 initiative- Here

About Akoni: Akoni is an award-winning UK cash platform, which provides a marketplace to SMEs and charities, as well as to individuals through our white label distribution partners including IFAs, wealth platforms, accountants and SME hubs. Akoni uses innovative technology to personalise cash planning solutions for clients, and also provides a full API solution to banks and insurance clients

Register free for access to market-leading interest rate accounts, cash planning tools and tips at www.akonihub.com and www.akonitech.io and follow us on Twitter 

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