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Small Business Strategy Inquiry 2025 - ACT and Bira call for members to share their voice

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on... Read more…

Beyond the discount: Restoring integrity to the cycle supply chain

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.
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Bira welcomes Wales' business rates proposals but calls for key improvements

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street... Read more…

New awards launch to champion Britain's independent high street heroes

9 Jun 2025

Retailers on Britain's high streets are being encouraged to put themselves forward for the first-ever Love Your High Street Awards, designed to celebrate the small businesses that bring... Read more…

"Tectonic shift" in employment law threatens independent retailer viability, warns Bira podcast

6 Jun 2025

Independent retailers are facing a "generational" transformation of employment law that could fundamentally change how small businesses operate, according to the final episode of Bira's first... Read more…

Retailers hope warm weather and bank holidays will boost high street sales

16 May 2025

ACT parent company Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.
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Economic growth surges to 0.7%, but "April reality check" looms for high street retailers

15 May 2025

UK economy delivers strongest quarterly performance in a year despite forecasts of business downturn.
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Communities come together for Local Bike Shop Day 2025 celebrations

13 May 2025

Local Bike Shop Day 2025 brought a wave of... Read more…

ACT parent company Bira welcomes Bank of England's latest interest rate cut

8 May 2025

ACT parent company Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector, including for cycling... Read more…

ACT parent company Bira responds to Beales' "Rachel Reeves Closing Down Sale" as iconic store makes final protest

8 May 2025

ACT parent company Bira has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow... Read more…

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Government pressures banks to support small independent businesses

Posted on in Business News, Cycles News, Political News

About the Coronavirus Business Interruption Loan Scheme

The temporary Coronavirus Business Interruption Loan Scheme was introduced last week to provide SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.

The government also announced that it will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

The government listed 40 accredited lenders able to offer the scheme, including all the major banks. More information about the scheme and the full list of accredited lenders are available on the British Business Bank website.

 

Are banks failing independent retailers?

A recent survey completed by a trade organisation within the Independent Retailers Confederation (IRC) asked 300 independent retailers from a variety of sectors across the nation about the support they've received following the outbreak of coronavirus.

The results indicated that a large majority are currently getting little or no help from banks. Just 1% of the independent retailers surveyed that had applied for a business interruption loan said that they had been successful so far. Almost 20% of respondents said that they have approached their lender for help, with many still waiting for a response.

One respondent said: "I was advised an overdraft would be better suited for my needs with an arrangement fee of £150 and more than 6% interest."

Another said: "Had a rather lengthy discussion that was very downbeat and obstructive even though they hold security on my mortgage-free business premises."

 

The government's pledge to pressure banks into making Covid-19 cash accessible

On Wednesday the 1st of April Business Secretary Alok Sharma called on high street lenders to ease access to the Coronavirus Business Interruption Loans Scheme (CBILS) for small independent retailers during the crisis.

His intervention comes following reports from businesses that their banks were making it increasingly difficult to access the Coronavirus Business Interruption Loan Scheme.

After being questioned regarding the problems that small businesses are having regarding the Loan Scheme, the Business Secretary said:

"Loans for businesses are also being issued through the Coronavirus Business Interruption Loan Scheme. The chancellor, together with the Bank of England and the FCA, wrote to the chief executives of UK banks to urge them to make sure the benefits of the loan scheme are passed through to businesses and consumers. It would be completely unacceptable if any banks were unfairly refusing funds to good businesses in financial difficulty. Just as the taxpayer stepped in to help the banks in 2008, we will do everything we can to help the banks repay that favour and support the businesses and people of the UK in their time of need."

Mr Sharma has also urged local authorities to speed up the availability of grant money for small businesses.

Hopefully this intervention from Mr Sharka will mean a higher success rate among independent retailers, we will continue to update our members with any new information.

 

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