Financial news round-up for Small Business - October 14
by Startacus Admin
Welcome to the Startacus monthly financial news round-up, brought to you by Sophie Turton of Crunch Accounting.
British SME confidence lags behind other major economies, yet London reigns supreme as the world’s most desirable city to live and work in. Bank lending to SMEs fell again over the past quarter, prompting the government to focus on challenger banks as a source of lending power to small business.
British SME confidence lags behind International companies
British entrepreneurs’ confidence in their company’s future prospects lags behind other large economies, the latest Sage Business Index has shown.
The report shows a UK business confidence rating of 62.55, just above the average across all markets of 62.02.
Brazil reigns supremely confident with a score of 71.62, followed by Singapore at 66.96 and Canada at 66.80. Banks were cited as a key factor to blame for the lack of confidence, alongside lack of support from the British government. Over two-thirds of businesses said the government isn’t doing enough to put pressure on the banks to provide capital investment for small enterprise.
Bank lending to SMEs falls by £400 million
SMEs are still struggling to access funding from big banks, the latest Trends in Lending report has found.
The Bank of England’s study shows lending to small businesses through the government’s Funding to Lend scheme fell by £400 million in the second quarter of this year. This fall is less steep than the previous three months, which hit a low of £700 million. However, more needs to be done to support Britain's growing businesses.
Government unveils plans to boost UK “challenger” banks
Government proposal to support so-called “challenger banks” started gaining traction this month as economic secretary to the Treasury, Andrea Leadsome, outlined plans to boost SME lending.
An agreement has been made with large banks to disclose lending data by geographical location to help challengers identify exactly where help is needed. SMEs who want loans will be matched with challenger banks and other finance providers.
Ms Leadsome said the government plan to create a “more level playing field” for challenger banks, while helping SMEs gain access to better finance, as well as financial guidance.
London crowned “most desirable global city to move to for work”
More people around the world want to live and work in London than any other city, a survey of 200,000 people working in countries has found.
Despite London being the most expensive city, with property prices increasing by 18.4% in the past year alone, one is six want to come here to work, ahead of New York and Paris.
Startacus gives a huge thanks once again to Sophie and Crunch Accounting for sharing their expertise !
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Cambridge-based startup, CardiaTec Biosciences raises investment to support further development of its mission to develop the next generation of cardiovascular disease targets.
Raise Ventures on a mission to empower the next generation of business leaders and founders with the launch of their pioneering Emerging Leaders Summer School.
The recipients of the 2022 Ulster Bank Enterprise Fund are announced, each aiming to promote and encourage entrepreneurship amongst underrepresented groups.
.png)
Leading disability-focused organisations join forces to launch the #Access2Funding campaign - calling on the VC and investment community to improve the representation, opportunities presented to and experience of disabled founders.
.png)
WeWALK, RNIB, and ICL consortium secures UKRI funding to improve mobility for visually impaired and elderly.
The lowdown on Studeo, the edtech startup that has created a video learning app in order to democratise elite tutoring.
The impact of standards, ethics and conduct on business success and profits - Work.Life has some interesting insights...
.png)
The lowdown on Space32 - the startup that wants to help hybrid-working businesses find the working space and solution that's right for them.
.png)
Global Tech for Good initiative seeks innovative startups and scaleups that are creating positive social impact and enhancing people's lives through tech.
The lowdown on Bidnamic, the startup that's combining advance machine learning with human expertise to help retailers to maximise revenue and profitability from Google Shopping.
Published on: 3rd November 2014
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- CardiaTec Biosciences Secures £1.4m to combat cardiovascular diseases using Artificial Intelligence 6th Jul 2022 Cambridge-based startup, CardiaTec Biosciences raises investment to support further development of its mission to develop the next generation of cardiovascular disease targets.
- Raise Ventures pioneer an Emerging Leaders Summer School 6th Jul 2022 Raise Ventures on a mission to empower the next generation of business leaders and founders with the launch of their pioneering Emerging Leaders Summer School.
- Ulster Bank Funds Diverse Entrepreneurship 5th Jul 2022 The recipients of the 2022 Ulster Bank Enterprise Fund are announced, each aiming to promote and encourage entrepreneurship amongst underrepresented groups.
- New campaign launches to address disproportionate lack of support for disabled entrepreneurs. 5th Jul 2022 Leading disability-focused organisations join forces to launch the #Access2Funding campaign - calling on the VC and investment community to improve the representation, opportunities presented to and experience of disabled founders.
