Over two-thirds of small and medium-sized businesses owners intend to hire new staff in the next six months. This has emerged as the results of research done by the London Entrepreneurial Exchange (LEE). The majority of business owners also agree with the government’s decisions to extend the unfair employee dismissal rules from one to two years and to not hold a referendum on Britain’s membership in the EU. The survey was completed by more than 250 company owners and chief executives representing small and medium-sized businesses.
BANKS TO LEND MORE SOON
NatWest and RBS plan to increase lending by 15 per cent in the next three months. A new low interest fixed-rate loan, ranging from £25,000 to £250,000, will also be available for small businesses. This loan does not have any arrangement fees or required down payments, leading to a discount of up to 1.5 per cent. Additionally, the banks will provide access to guides, hotlines and other resources. This means that a business borrowing £75,000 can save as much as 60 per cent on the cost of the loan over three years, and face no penalties for early redemption.
WOMEN TO BECOME BUSINESS MENTORS
Home secretary Theresa May announced that 5,000 women will be recruited and trained to mentor aspiring businesswomen over the next three years. May hopes recruiting the mentors will help encourage and stimulate female entrepreneurs to counter this male dominance: “We want the UK to be the best place in the world to start and grow a business, and for the next decade to be the most entrepreneurial and dynamic in Britain’s history. Women can be at the heart of that.” This happened in the wake of a leaked report showing that the Tories lacked female support.