Monthly Archives: December 2020

Hot Business News Today

Peer Networks supports small business owners to grow their businesses

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Originally written by Partner Content on Small Business
Peer Networks is set to drive SME growth as small to medium-sized business owners work together to navigate challenges and adapt to the “new normal”.
From construction to cycling, early adopters of Peer Networks Chris Kane and Kirsti Grayson are already seeing the benefits of tackling common challenges and opportunities with other businesses.
Up and down the country SME business owners, such as Chris and Kirsti, are coming together in small groups to learn from each other on important challenges and opportunities such as EU transition, recovering from the impacts of Covid-19, HR, tech, finance and marketing.
>See also: Your guide to Peer Networks
Chris Kane, co-founder of Dorset-based Greendale Construction, is one of many small business owners who have already signed up for Peer Networks.
Chris said: “This year has been a challenging time for all businesses, especially SMEs as the ongoing pandemic continues to cause uncertainty.
“Peer Networks are interesting and engaging, with a great mix of business owners taking part. I came with an open mind and wanted to help myself and others address some of the business challenges we are facing.
“I want to learn from my peers, understand their challenges, speak about our own and

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Hot Business News Today

Government plans permanent state-backed small business loan scheme

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Originally written by Timothy Adler on Small Business
The government is planning to replace existing coronavirus business support with a permanent state-backed small business loan scheme.
Under the plan, which would be launched in January, the government would guarantee 80 per cent of loans to small businesses, ranging from a few thousand pounds up to £10m per company over a six-year lending period.
In effect, the new state-backed SME loan scheme would extend the Coronavirus Business Interruption Loan Scheme (CBILS) but with a lower threshold. The minimum CBILS loan is £10,000.
>See also: Treasury eyes hitting self-employed gig workers with VAT charge
According to the Financial Times, the banks would set their own interest rate for their loans, but the rate is likely to be capped at about 15 per cent – just like the CBILS – which is far higher than the 2.5 per cent fixed interest rate of the parallel Bounce Back Loans Scheme (BBLS).
Research by our sister title GrowthBusiness found that lenders are charging anything between 3 per cent and 15 per cent for CBILS loans.
As of last month, the CBILS and the BBLS have lent £60.64bn to struggling businesses between them.
And the new state-backed SME lending scheme would have more stringent

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