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Uber Rival Bolt Seeks Help in Rush to Adapt to Crisis

  • Bolt has switched to new services like food delivery
  • Commercial lenders see state guarantee terms as insufficient

Ride-hailing company Bolt Technology OU is seeking credit support from the Estonian government after a switch to quarantine-friendly services didn’t make up for lost revenue and it couldn’t access bank lending under existing state guarantee terms.

The service formerly known as Taxify, a rival to Uber Technologies Inc., is asking for 50 million euros ($54 million) in loans through a state fund or public credit guarantees for bank financing, according to the Tallinn-based newspapers Aripaev and Postimees.