Weekly Brief

Week 7 of 2009              Friday 20 February 2009

In this week's issue: Bank lending; Online crime; Business rates; Business closures; Scams; Late payment; Dragons' Den; Good news.

Banks

While bank bosses squirmed over the City's bonus culture this week, the FSB kept its eye on bank branch managers, calling on them to start promoting the Enterprise Finance Guarantee to small businesses. The front pages of the Daily Mail and the Financial Times as well as the Sunday Times included our concerns that the banks are still not actively offering these funds which were supposed to benefit small businesses. Shadow Business Secretary Kenneth Clarke also publicised our research on bank lending to small businesses during interviews with Channel 4 and the BBC.

Fraud & online crime

An FSB survey this week revealed that small businesses lose up to £800 a year to fraud and online crime. The FSB called for more action to be taken to combat this peril in the Scotsman, the Daily Express, business121.co.uk, and on the GetSafeOnline blog. The Daily Telegraph also covered the issue. Read our press release and view the report.

Rate relief

The FSB's campaign for automatic rate relief was covered in the Evening Standard on Wednesday after National Chairman John Wright wrote a letter to the newspaper raising awareness of our work with Peter Luff MP on a Private Members' Bill calling for the tax relief to be applied automatically.

Goodbye to the village store

Amid all the talk of well-known businesses such as Woolworths closing down, a less-known national treasure closed its doors forever this week. The 150-year-old Highburton Village Store in West Yorkshire shut down this week because of falling trade, rising bills and the economic climate. It was the oldest village store in the world, but this example, as the FSB told the Daily Mirror, is echoed by the plight of many small businesses around the country.

Scams

The Office of Fair Trading is launching a new section on its website as part of Scam Awareness Month to highlight common scams and cons that may affect small businesses. The pages www.oft.gov.uk/businessscams go live on Monday.

Late Payment

ITV is currently researching a new programme about how businesses are adversely affected when customers don't pay. They are keen to hear from businesses who have pursued non-paying customers and got a County Court Judgement (or are in a position to independently prove the debt) but have still not been paid. Email the FSB with your experiences of late payment.

Dragons' Den

If getting a loan from your bank is proving difficult, there are alternatives. You could try to follow in the footsteps of entrepreneurs from across the country by seeking funding from investors in the new series of the BBC's Dragons' Den. If you're genuinely seeking investment for your business idea or invention email the BBC or call 0871 200 3003 (Calls cost 10p per minute from a BT Landline, other operators and mobiles may be higher).

Good news?

Although there is a lot of bad news about the economy, the banks and business closures, there are some small businesses bucking the trend. The FSB has already found some examples among its members of small businesses who are beating the recession but we would like you to email us with any other success stories and we will highlight your story.

Have a good weekend,

Marc Shoffman