Monthly Archives: September 2020

Hot Business News Today

Banks ‘will be pushed’ into closing down SMEs unable to repay Covid debt

by  •  • 0 Comments

Originally written by Timothy Adler on Small Business
Banks will be pushed into foreclosing on small businesses unable to repay Covid debt, a City insider has warned.
This is because foreclosing on SMEs unable to repay emergency coronavirus loans will be the only way banks can trigger the government’s guarantee to repay bad Covid debt. Banks would have to prove a loss before they can claim on the guarantee.
The government’s lending schemes have provided nearly £53bn to some 1.2m companies, including £35.5bn worth of bounce back loans — which include a 100 per cent guarantee for small business loans – and £13.7bn through the coronavirus business interruption loan scheme (CBILS).
The Office for Budget Responsibility has warned that in a worst-case scenario, £35bn of the Covid debt will never be repaid. The banks themselves believe that up to half of bounce back loans alone will never be repaid.
A Business Banking Resolution Service survey in May discovered that nearly half of small businesses that have taken out government emergency coronavirus loans do not intend to repay them.
The Treasury has turned a deaf ear to a City of London push for it to set up a bad COVID-19 debt bank, an idea proposed by Lord

Read more...

Hot Business News Today

Jenny Campbell: ‘Did I think I’d ever be invested in hand sanitiser? No!’

by  •  • 0 Comments

Originally written by Anna Jordan on Small Business
Welcome to the second series of Small Business Snippets, the podcast from SmallBusiness.co.uk. Today’s guest is Jenny Campbell, a businesswoman, investor, speaker and former Dragon.
We discuss tips for investment in the time of COVID-19, exit planning and whether your business should still be accepting cash.
Have a listen to it in the media player below.

You can also catch our episodes with:

Digital guru and investor, Sherry Coutu
Entrepreneur and former Dragon, Rachel Elnaugh
Businesswoman and Dragon, Deborah Meaden
Entrepreneur and The Apprentice 2005 candidate, Tim Campbell
Gousto CEO, Timo Boldt
Entrepreneur and The Apprentice 2018 candidate, Jackie Fast
Investor and former Dragon, Piers Linney
Investment fund manager, Nicola Horlick
Supermodel turned entrepreneur, Caprice

We’ve got podcast episodes from the first series looking at:

How one business owner’s mental breakdown caused her to see trolls from her past
How one entrepreneur hired a videographer to track their every move and build their business brand
How funding a business led one entrepreneur to stress-related alopecia
One entrepreneur’s first professional public speaking engagement
Adapting to UK life and learning English before starting a business
Securing seed funding
Finding the perfect head of customer care
Reaching a £1 million annual rate of return
Boosting client numbers from 30 to 850
Starting a brand new business from scratch

To find

Read more...