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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

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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

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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

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Pandemic forces small business to innovate

Shops
Shops

Three years of innovation has occurred in the space of just three months due to lockdown, according to a new report.

More than half a million businesses have changed or are altering their operating model, with a fifth of those surveyed by “Be The Business” introducing new services. 

Be The Business chief executive Tony Danker, who joins the CBI as director-general in November, said that the innovation seen over the past three months was “testament to the tenacity and latent entrepreneurial spirit of British business in the face of hostile economic conditions”. 

He credited the innovation of businesses for the early signs of an economic recovery, saying that the study “shows that a quick and strong recovery is down to the choices that business owners make in the next few months. We must give them cause to choose ambition over fear.”

However, the report highlights continuing concerns from businesses

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Meet Thrilling, An Online Marketplace That Supports Small Vintage Stores

When the pandemic hit, Thrilling, an online marketplace that offers vintage and secondhand clothing from small businesses around the country, cut its commissions for the first two months. After brick-and-mortar businesses were forced to close their doors, and thus lose their main source of income, founder and CEO Shilla Kim-Parker knew that those owners needed every dollar they could make. Thrilling then released custom-printed vintage T-shirts to raise money for the 100+ stores it carries (you can still purchase them or donate to stores here). When protests started around the country, following the murder of George Floyd at the hands of the police, Thrilling curated a collection of clothing from Black-owned vintage stores — although, as a Black woman, Kim-Parker had amplified these businesses since the start of Thrilling, giving them the exposure they desperately need in a fashion industry that still prioritizes whiteness.

Kim-Parker, whose prior careers were in

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7 steps to recession-proof your small business

Blame COVID-19: the US officially entered a recession in February. I suspect that’s not news to you and your small business, as small businesses have been on the front line of this downturn, struggling to survive. In fact, since the shut-down, it’s estimated that over 100,000 small businesses have closed their doors for good.

I don’t want you to be one of them, so there are ways to help ‘recession-proof’ your small business.

1.     Get the word out to ‘shop small, shop local.’ In response to COVID, customers want to help their favorite small businesses succeed, but at any time, it’s critical to educate consumers about the importance of small businesses to their community. Work together with other small businesses in your community or industry to create special events, discounts, rewards. Right now, you can give American Express cardholders even more motivation to ‘shop small,’ as American Express announced on

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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

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American Express Launches Its Largest Global Shop Small Campaign

Click here to read the full article.

American Express has committed more than $200 million to help get customers to shop with small businesses. An additional $10 million will fund a grant program dedicated to supporting U.S. Black-owned small businesses in recovery.

According to survey data conducted for the small business recovery research by American Express, 62 percent of U.S. small business owners need to see spending return to pre-pandemic levels by the end of the year in order to stay in business.

“We know the impact that movements like Shop Small and Card Member offers can have in helping small businesses thrive,” said Walter Frye, vice president of global brand engagement and design at American Express. “Over the past decade, Small Business Saturday has helped drive over $120 billion in reported consumer spend at local businesses in the U.S. Our previous research also shows that for every dollar spent

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4 Steps for Using Today’s Small Savings to Make a Big Impact

You have a budget…ish, but if you come up short at the end of the month, you’ve always had your credit card to rely on.

And yes, it seems there’s always an expense that’s left you reaching for the plastic, but in the past few months — since you’ve been stuck inside — you haven’t had to put as much on the card.

That’s been the experience of many Americans: Outstanding consumer credit was down 28.6% in March and nearly 65% April, according to the Federal Reserve.

Here’s all of our coverage of the coronavirus outbreak, which we will be updating every day.

Unfortunately, the belt tightening might be due to a job loss, but many of us simply found more ways to be frugal as we sat at home.

As states ease restrictions and places begin to reopen, you might be feeling the urge to pull out the plastic

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How My Small World With Multiple Sclerosis Has Become Big Since COVID-19

Jen working from home.
Jen working from home.

Ten years ago, my world shrank immensely as symptoms of fatigue prevented me from traveling and participating in professional conferences and events. I was at the peak of my career as a marketing strategist and business owner. Twelve-hour work days were typical. Then, in 2010, I returned from a three-day business trip with a dropped foot, my hand unable to hold a pen, and my lip drooping. All on the left side of my body.

My friends practically dragged me to the emergency room. Normally, a diagnosis like the one I got is a long process of elimination. But in my case, they knew right away. There was no doubt in the neurologist’s mind that it was multiple sclerosis.

After I was treated and recovered from this MS relapse, immense fatigue latched onto me like a lamprey. I realized my life would never be the same.

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