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Calls To “Radically Reform” Support For Businesses Following Brexit

Calls To “Radically Reform” Support For Businesses Following Brexit

Calls have been made to “radically reform” the small business support network in the UK, as firms begin to get ready for life outside the European Union. The Reformed Business Funding: What small firms want from Brexit, from the Federation of Small Businesses, claims that when the UK formally leaves the EU, a dedicated £3.6bn fund to develop the competitiveness of UK small businesses will be lost. Expected to end in 2021, there is currently no regional or national equivalent to take its place, nor any discussions of a replacement in the pipeline. 78% of small enterprises have sought business support services over the last 12 months, with those in Yorkshire (25%), the North East (22%) and North West (18%) the most likely to submit applications for EU-funded schemes. As a result of its findi... »

Over Half of Small Businesses Face Cashflow Problems

Late payment cited as major concern for small, established businesses despite 84% recording profits Over half (54%) of small businesses are experiencing cashflow problems, according to a new report, with late payments cited as a major reason for financial concerns by 29% of business owners. The findings, which came from a recent One Poll survey of 500 businesses, found that cashflow was one of the main challenges to established small companies. Businesses that launched between 2000 and 2007 were the most concerned about cashflow (67%), while those who set up in the 1980s were the least worried (35%). The issue of late payment affecting small business’ cashflow was brought up earlier this year when reports revealed that small and mid-sized businesses are the worse effected by late payment –... »