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23 Oct 2023

Family-run Bristol sandwich shop Sandwich Sandwich has been named best in the UK at the UberEats awards.

23 Oct 2023

Convenience stores are set to be part of a testing programme for the UK’s first digital proof of age card.

23 Oct 2023

“Game-changing” facial recognition technology is targeting prolific retail criminals, including shoplifters.

10 Oct 2023

British Independent Retail Association (Bira) acknowledges the Government's investment in towns across the UK.
 

9 Oct 2023

Policing minister Chris Philp has encouraged shop workers to make ‘citizen’s arrests’ on shoplifters, a message branded as ‘dangerous and irresponsible’  by...

9 Oct 2023

A group of independent traders in Budleigh Salterton have started a campaign to attract more shoppers.

9 Oct 2023

New research from Square and Clearpay indicates consumer confidence is rising, with 72% of consumers planning to spend more or the same this coming holiday season compared to last year,...

9 Oct 2023

Miriam Margolyes, Richard Armitage and Tomi Oyemakinde will be among the authors headlining events at this year’s Bookshop Day taking place this Saturday 14th October.

4 Oct 2023

Shop owners have called on the Home Secretary to specifically outlaw attacks on retail workers.

4 Oct 2023

From the start of October, bans and restrictions on single-use plastic cutlery, polystyrene cups and food containers, single-use balloon sticks and certain types of polystyrene cups and...

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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.

 

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