Day: March 10, 2020

How government can unlock funding for UK entrepreneurs

The funding picture for SMEs is mixed: while access to traditional bank loans has been limited since the global financial crisis, we’ve seen a dramatic increase in equity investment – up from £1.6bn in 2011 to £12bn in 2019.

Although the financing options and tax incentives open to UK SMEs are improving year-on-year, almost one in ten small businesses are still not seeking the external capital that would allow them to grow, a new report reveals.

Unlocking Growth: How to Expand Access to Capital, a joint report from The Entrepreneurs Network and The Enterprise Trust, evaluates the funding options open to SMEs – from Start-Up Loans and grants to equity crowdfunding and peer-to-peer lending. The report identifies policy changes that will ensure businesses can access the finance they need to grow.

While traditional lending is down, according to the British Business Bank, the bank is still the first port-of-call for

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Jingye deal completes saving 3,300 jobs at British Steel

The Chinese firm Jingye Steel has completed its planned takeover of British Steel for a reported £50 million.

The deal is expected to safeguard 3,300 jobs out of 5,000 posts in Scunthorpe and Teesside as well as at TSP Engineering in Cumbria.

The sale will unlock investment of £1.2 billion over ten years to modernise the main site in Scunthorpe and fund improvements in energy efficiency and environmental performance, Jingye Steel said.

The deal includes assets in the Netherlands but not the Hayange plant in France that Jingye still hopes to acquire.

“We are delighted to have reached this agreement and look forward to completing the initial transaction over the coming days so we can begin a new chapter in British steel-making,” Li Huiming, the chief executive of Jingye Steel, said.

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Crain’s New York hires Everett as reporter

Gwen Everett

Crain’s New York Business has hired Gwen Everett as a reporter.

She started on Monday.

Everett previously worked as a reporter for Business Insider and interned on the finance team at Bloomberg News in New York.

She is a graduate of Brown University where she covered higher education for the Daily Herald.

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