businesses

Small businesses need ‘flexible repayment solutions’ to survive next 18 months

Photo: Dominic Lipinski/PA Wire/PA Images
Photo: Dominic Lipinski/PA Wire/PA Images

Small businesses need “flexible debt repayment schemes” in order to survive the next 18 months, a leading industry report claims.

The quarterly SME lending monitor, by online business funding marketplace Funding Xchange, highlights the need to address the stresses currently experienced by up to 40% of the businesses who have borrowed from alternative lenders.

Funding Xchange is an online portal which directs small businesses unable to access funding from their high street bank to other lending providers.

The data shows two out of every five businesses that currently have loans from “alternative lenders” are now in discussion with the lenders, as they are struggling to fulfil their repayment programmes as a result of the coronavirus lockdown impact.

“Alternative lenders” have provided another option for business who are unable to access funds from their high street bank.

They established themselves following the last financial crash, as

Read More

Small businesses need ‘flexile repayment solutions’ to survive next 18 months

Photo: Dominic Lipinski/PA Wire/PA Images
Photo: Dominic Lipinski/PA Wire/PA Images

Small businesses need “flexible debt repayment schemes” in order to survive the next 18 months, a leading industry report claims.

The quarterly SME lending monitor, by online business funding marketplace Funding Xchange, highlights the need to address the stresses currently experienced by up to 40% of the businesses who have borrowed from alternative lenders.

Funding Xchange is an online portal which directs small businesses unable to access funding from their high street bank to other lending providers.

The data shows two out of every five businesses that currently have loans from “alternative lenders” are now in discussion with the lenders, as they are struggling to fulfil their repayment programmes as a result of the coronavirus lockdown impact.

“Alternative lenders” have provided another option for business who are unable to access funds from their high street bank.

They established themselves following the last financial crash, as

Read More

Four Ways Small Businesses Can Cuts Costs

While running a business is often a juggling act of different roles and tasks, the one constant is the job of managing the capital used to fund it all. Regardless of what larger social or economic issues might be at play at any given time, effectively managing your business’s expenses and investments is the best way to ensure that it can continue to grow and evolve in the future.

While there are a number of items that business owners monitor in order to more effectively allocate their capital, what follows are four areas that any business can target to cut unnecessary or wasteful spending.

Manage Resources Strategically

At its core, owning and operating a small business is about managing resources. From the talent on staff to the equipment and materials used in production, business owners are trained to make sure all of their resources are allocated optimally.

Of course, after

Read More

Billions of dollars in aid for small businesses go unclaimed

NEW YORK (AP) — Billions of dollars offered by Congress as a lifeline to small businesses struggling to survive the pandemic are about to be left on the table when a key government program stops accepting applications for loans.

Business owners and advocacy groups complain that the money in the Paycheck Protection Program was not fully put to work because the program created obstacles that stopped countless small businesses from applying. For those that did seek loans, the ever-changing application process proved to be an exercise in futility.

“It was a flawed structure to begin with,” said John Arensmeyer, CEO of Small Business Majority, an advocacy group. “It favored established businesses. It was set up to give money to people with strong banking relationships.”

The program’s shortcomings also made it more difficult for minority businesses to get loans, according to a report from the Center for Responsible Lending, a research

Read More

Britain’s biggest businesses make net zero pledge

Severn Trent boss Liv Garfield - Heathcliff O'Malley
Severn Trent boss Liv Garfield – Heathcliff O’Malley

Some of Britain’s biggest business have committed to cut their carbon emissions to net zero by 2040 as the UK gears up to host crucial international climate talks next year. 

EasyJet, Pearson, Deloitte, Standard Chartered, Unilever and Severn Trent are among almost 50 public and private companies making the pledge ahead of a major meeting on Monday between ministers and business leaders to discuss how businesses can help protect the environment. 

The UK has a legally binding target of reaching net zero emissions by 2050, and ministers are keen to set an example as the UK gears up to host the 26th United Nations Climate Change Conference (Cop 26) in Glasgow next year. 

The conference had been due to take place this year but was delayed due to the coronavirus pandemic. 

The more than 200 business leaders attending today’s online meeting will

Read More

Shopping from black-owned businesses is a vote for equality with our wallets

Getty
Getty

The murder of black American George Floyd in May has been a catalyst for demanding racial equality across the world. Conversations have swiftly moved beyond police brutality to interrogate the wider racist context it sits in. Workplace discrimination, institutionalised racism and Britain’s colonial hangover are all issues demanding change and accountability – and it’s about time.

The Black Lives Matter demonstrations organised across Britain were met with shock and confusion by a lot of people: why were we risking Covid-19 to protest an event that happened thousands of miles away in another country, another society? But those most affected by Britain’s racism know that it’s everywhere, across time and space, and that the conditions that produced the shocking video of George Floyd’s death also exist here. As much as the protests were an act of solidarity, they were also a way to shine a light on the racial discrimination

Read More

All NC businesses could soon reopen. Here’s what that may look like in Charlotte

North Carolina soon could enter the final phase of reopening amid the novel coronavirus. Some Charlotte area businesses are ready with safety plans once that is allowed, while at least one vows not to wait much longer to reopen.

Bowlers could see every other lane in use and some movie theater patrons would be required to wear masks. There also will be temperature checks for guests before they hit the gym.

The final phase of the state’s stay-at-home order that would reopen all businesses is scheduled to start at 5 p.m. June 26.

But Gov. Roy Cooper has not decided whether to move to Phase 2.5 or Phase 3 as COVID-19 cases continue to spike. He is expected to disclose his plans in the next few days.

All non-essential N.C. businesses were ordered to close March 17 to stop the coronavirus spread.

Phase 2 started May 22, allowing restaurants, personal

Read More

Find & Support Black-Owned Businesses With These Apps & Websites

Following the police killing of George Floyd last month, protests have broken out across the country. We encourage everyone to join the fight by marching in local protests, signing online petitions, donating, and calling your elected officials, but there’s another way to fight systemic racial inequality, and that’s by putting your money where your mouth is. Make a commitment to support Black-owned businesses in your area.

Right now, Twitter users are asking their friends and followers to share their own or their favorite Black-owned businesses. While sifting through social media responses is one way to find spots to support, there are a lot of tweets containing the phrase “Black-owned businesses.” So if you’re looking to find a Black-owned business quickly — perhaps in time for take-out dinner tonight — there are also many useful resources online and in the app store that can help.

Ahead are top-ranking websites

Read More

Fashion and Beauty Brands Start Grants for BIPOC-Owned Businesses

And many are accepting applications right now.

According to CBS News, 40% of Black-owned enterprises might not make it through the Covid-19 pandemic. 

The Center for Responsible Lending estimated that 90% of small businesses owned by people of color “have been, or will likely be, shut out” from the Small Business Administration’s Paycheck Protection Program (PPP), Ashley Harrington, the organization’s director of federal advocacy and senior council, told CBS News in April. (You may remember how, quite controversially, the PPP initially sent loans to companies like Shake Shack and Ruth’s Chris Steak House, some of which were then returned due to public outcry.) A survey of Black and Latinx business owners and workers conducted by Color of Change and UnidosUS found that many weren’t receiving the aid they asked for from the Small Business Administration, if they received any aid at all, the New York Times reported. 

In light of

Read More

‘My Black Receipt’ Aims To Make Buying From Black-Owned Businesses More Than A Trend

The coronavirus pandemic has only compounded the financial challenges faced by the Black community. Black entrepreneurs, for example, were disproportionately affected, with a 40% drop in the number of working Black business owners ― a far greater percentage than any other racial group. 

But the racial wealth gap is not a new problem. As of 2016, the net worth of a typical white family was nearly 10 times greater than that of a Black family ($171,000 vs. $17,150), according to the Brookings Institute

One way you can help solve this disparity is by supporting Black businesses. And a new campaign, My Black Receipt, aims to make that a long-term practice among consumers of all backgrounds. Here’s how to participate.

What Is My Black Receipt?

My Black Receipt is an initiative started by Black upStart, an organization that trains Black entrepreneurs to start job-creating businesses. Kezia Williams, the

Read More