Search News

Results: 1-10 of 2591


Start again

14 Aug 2020 | 1 comment

Cycling UK have launched a new campaign- Pumped Up- to celebrate the joy of the bike across our towns, cities and countryside and reminding people about the fun and freedom that cycling...

13 Aug 2020

Comment from Karen Dear, Director of Operations at the CBA (Craft Bakers Association) on how Shop Local Week could benefit local bakery businesses

12 Aug 2020

Use these tips to promote your involvement with Local Bike Shop Day to increase the cumulative impact!

12 Aug 2020

With a month to go until entries close in the search to find Britain's Best Small Shop of 2020 Maybe*, which has been named as partner of this year's competition, has found that independent...

11 Aug 2020

The Government has begun Shop Local Week, seven days of concentrated activity encouraging shoppers to return to their local high street and shop safely.

6 Aug 2020

Increased scrutiny is being placed upon the UK's growing use of Buy Now Pay Later services

5 Aug 2020

The free ActSmart subscription offer was taken up by a large number of businesses across the UK, helping to raise hundreds of pounds for a great cause

5 Aug 2020

The brands currently bossing customer experience and the six key pillars to drive your business in the right direction

5 Aug 2020

Organisers say Local Bike Shop Day provides a perfect vehicle for cycle shops to encourage local residents to resurrect their own as well as their children's bikes, or upgrade or buy new if...

4 Aug 2020 | 1 comment

The Scotland Cycle Repair Scheme is funded by the Scottish Government and delivered through Cycling UK and participating retailers to provide free bike repair and maintenance workup to a...

Back to news menu

Government pressures banks to support small independent businesses

Posted on in Business News , Cycles News , Political News

About the Coronavirus Business Interruption Loan Scheme

The temporary Coronavirus Business Interruption Loan Scheme was introduced last week to provide SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.

The government also announced that it will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

The government listed 40 accredited lenders able to offer the scheme, including all the major banks. More information about the scheme and the full list of accredited lenders are available on the British Business Bank website.

 

Are banks failing independent retailers?

A recent survey completed by a trade organisation within the Independent Retailers Confederation (IRC) asked 300 independent retailers from a variety of sectors across the nation about the support they've received following the outbreak of coronavirus.

The results indicated that a large majority are currently getting little or no help from banks. Just 1% of the independent retailers surveyed that had applied for a business interruption loan said that they had been successful so far. Almost 20% of respondents said that they have approached their lender for help, with many still waiting for a response.

One respondent said: "I was advised an overdraft would be better suited for my needs with an arrangement fee of £150 and more than 6% interest."

Another said: "Had a rather lengthy discussion that was very downbeat and obstructive even though they hold security on my mortgage-free business premises."

 

The government's pledge to pressure banks into making Covid-19 cash accessible

On Wednesday the 1st of April Business Secretary Alok Sharma called on high street lenders to ease access to the Coronavirus Business Interruption Loans Scheme (CBILS) for small independent retailers during the crisis.

His intervention comes following reports from businesses that their banks were making it increasingly difficult to access the Coronavirus Business Interruption Loan Scheme.

After being questioned regarding the problems that small businesses are having regarding the Loan Scheme, the Business Secretary said:

"Loans for businesses are also being issued through the Coronavirus Business Interruption Loan Scheme. The chancellor, together with the Bank of England and the FCA, wrote to the chief executives of UK banks to urge them to make sure the benefits of the loan scheme are passed through to businesses and consumers. It would be completely unacceptable if any banks were unfairly refusing funds to good businesses in financial difficulty. Just as the taxpayer stepped in to help the banks in 2008, we will do everything we can to help the banks repay that favour and support the businesses and people of the UK in their time of need."

Mr Sharma has also urged local authorities to speed up the availability of grant money for small businesses.

Hopefully this intervention from Mr Sharka will mean a higher success rate among independent retailers, we will continue to update our members with any new information.

 

Back to news menu

Add a comment

It is quicker to comment when you login

Your email address will only be used to contact you regarding this comment. We will not share your email address with anyone and it will not be published on the website.