Brought to you by Call 0800 975 0088 to book a test drive While there was some good financial news, the Government’s credentials on encouraging more environmentally-friendly roads are looking less convincing Despite the otherwise trying times, the Budget was not all bad news for the UK’s small businesses, with a few welcome breaks for a sector that forms the backbone of the economy. Meeting the rents Businesses with a rateable value of £51,000 and below can look forward to seeing their bill cut by up to a third over the next two years. The Chancellor, Philip Hammond, says this will save up to £8,000 a year for up to 90pc of independent retailers. Meanwhile, the personal tax allowance will be raised to £12,500 for basic-rate taxpayers and £50,000 for higher-rate taxpayers in 2019, a year earlier than planned. Renewed efforts on high streets The £675m of co-funding for councils should invigorate high streets by converting commercial … [Read more...] about What does this year’s Budget mean for small business?
Financials for small business
The DeKalb County Small Business Resource Network is hosting a free resource fair for small businesses or those interested in starting a small business in DeKalb County. The event will be held from 4 to 7 p.m. Thursday, Aug. 30, at the DeKalb County Community Outreach Building, 2500 N. Annie Glidden Road in DeKalb. The fair will showcase business-to-business services offered throughout DeKalb County and will feature three breakout sessions led by local experts addressing key topics of interest. Exhibitors invited to attend include financial institutions, chambers of commerce, economic development organizations, municipalities, higher education, private small business consultants, and partner organizations such as Fox Valley SCORE, Waubonsee Community College’s IL Small Business Development Center, Kishwaukee College Workforce & Community Education, Northern Illinois University and more. The event schedule is as follows: 4 to 7 p.m. - Resource Fair open 5:30 to 6:30 p.m. - … [Read more...] about Fair offers help for small businesses
China’s financial regulator has told banks to “significantly cut” lending rates for small firms in the third quarter in comparison with the first quarter, two people with direct knowledge of the matter told Reuters on Monday. In a non-public notice issued by the China Banking and Insurance Regulatory Commission (CBIRC) in late June, the regulator also asked banks to increase real-time monitoring of lending rates, the people said. The CBIRC didn’t immediately respond to an emailed request seeking comment. The move comes as Beijing’s deleveraging campaign has gradually pushed up borrowing costs for the corporate sector and restricted companies from tapping alternative, murkier funding sources such as shadow banking. China’s central bank does not disclose lending rates for small businesses. The weighted average lending rate for the non-financial corporate sector was 5.96 percent in March, according to the latest monetary policy report. Private companies … [Read more...] about China tells banks to ‘significantly cut’ lending rates for small businesses
A group of MPs and a lobby group for British banks have joined forces to create a new body to check banks’ lending contracts are fair, following a steady flow of scandals around lending to small businesses. The Contracts Working Group will check the contracts offered by banks including Royal Bank of Scotland (RBS), Lloyds, Barclays and HSBC to ensure they meet a set of common standards from the Lending Standards Board. The group will appoint independent legal experts to carry out the work, which will be overseen by consultants Momentous Change Ltd. Read more: Banking bigwigs appointed to decide winners of £425m RBS competition fund UK Finance will back the working group along with the All-Party Parliamentary Group on Fair Business Banking, a collection of MPs which is headed by Conservative MP Kevin Hollinrake and Liberal Democrat Norman Lamb. The group follows significant pressure on the banking sector to clean up its act following a string of scandals in which banks … [Read more...] about New group to tackle unfair bank contracts for small businesses
(StatePoint) Small businesses are critical to powering the national economy. They are also responsible for creating two out of every three new jobs in the country each year, according to the U.S. Small Business Administration.Are you a small business owner or looking to start your own company? Consider the following trends and developments.Insights Three out of four small businesses expect to increase their range of products and services in the next year, according to a recent survey commissioned by CIT Group and conducted by The Harris Poll.According to the survey, top priorities include expanding within current geographies (72 percent) and adjacent markets 58 percent). Half of small businesses also say improving technology is a top investment priority this year, followed by equipment upgrades (47 percent) and hiring staff (36 percent). Despite optimism, some concerns for small business owners remain around data security, inflation, interest rates and capital costs in the coming year. … [Read more...] about New Insights and Resources for Small Businesses