Monthly Archives: November 2020

How community solidarity with SMEs can boost your Q4 revenue

Originally written by Partner Content on Small Business
COVID-19 has hit every economy around the world and practically every industry and vertical, but small businesses have been hit particularly hard.
In April 2020, almost a quarter of small businesses in the UK had to close, and those that reopened reported that revenue had declined by an average of 80 per cent. All told, 234,000 UK SMEs shut up shop permanently between March and September 2020.
The outlook is admittedly pretty bleak, but if there’s a silver lining to this cloud, it’s that people’s eyes, hearts and purse strings have opened to the importance of local SMEs. With the right strategies in place, today’s entrepreneurs can ride the wave of this sentiment, hopefully closing the financial year from a place of strength that can carry momentum into 2021.
We’ve all fallen in love with local
The novel coronavirus and loss of in-person socialising has led consumers to fall out of love with global service companies and products that are mass-made in China. Instead, they’re realising the benefits of local businesses. Around the world, activists have set up organisations to support local businesses, like Goodmoney in Brighton & Hove in the UK; Support Local BC in British

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No high street banks are accepting Bounce Back Loan applications

Originally written by Anna Jordan on Small Business
Despite the Bounce Back Loan scheme being extended until the end of January, no high-street banks say they are open to new BBL applications.
As of today (November 3), Starling Bank remains the only accredited lender of 28 that is open to bounce back loan applications from those who bank elsewhere. However, a spokesman told SmallBusiness.co.uk:
“There is currently a waitlist and we are prioritising established business and sole traders who use Starling as their primary account. Eligible customers will be sent an email inviting them to apply, but we can’t guarantee that everyone on the waitlist will receive a loan.”
>See also: Most banks not allowing small businesses to open bank accounts
All-Party Parliamentary Group on Fair Business Banking research has suggested that up to 250,000 small businesses ‘are effectively locked out of the market’, given they do not bank with accredited lenders.
Kevin Hollinrake, the Conservative MP and co-chair of the APPGFG, told SmallBusiness.co.uk:
“We welcome the extension to Bounce Back Loans (BBLS) and the ability to top up, but it is critical that banks are open for new business including from new customers.
“Over the last few weeks the handful of lenders who were open to new

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