Tag: small businesses

The top cybersecurity threats for 2022: and what businesses can do to protect themselves

As we enter into a new year, cyber crime continues to threaten businesses. Cyber attacks cost the global economy an estimated $6 trillion USD in 2021, and the costs are predicted to increase for 2022.

Since the beginning of the pandemic, hackers have been quick to exploit the growth in home working practices. Small businesses also reported an increase in attacks, and with 60% closing within six months of falling victim to a data breach, establishing a comprehensive cybersecurity strategy has never been more important.

Anthony Green, CTO and cyber crime expert at FoxTech, discusses what businesses should watch out for in the coming year: “In 2022, with many organisations implementing flexible working policies, and bringing personal devices into the office, it’s important to understand how cyber attackers might continue to exploit our changing working practices.

“It is often easier for attackers to breach home network devices, so when personal devices are being used to access company data at home, or brought into the office and connected to company networks, it can expose their system to hackers searching for vulnerabilities to exploit. With hybrid working policies expanding companies’ cyber risk, it’s vital to be aware of what the threats are, and how to prevent attackers gaining access.” 

To help businesses plan their cybersecurity strategies, FoxTech has put together a guide to the top predicted cybersecurity threats for 2022, and what organisations can do to protect themselves:

Ransomware

Ransomware was the defining force of cyber attacks in 2021. Hackers infiltrate a system, steal sensitive data and demand a ransom for its return. Ransomware attacks surged by 144% in 2021 from the previous year, and the problem is only expected to develop in 2022.

Anthony comments: “A spate of high-profile ransomware attacks in 2021 has led many organisations to review their cyber risk controls and implement more effective strategies against data loss.

“While this might make it more difficult for cyber criminals to mount traditional ransomware attacks in the short term, attackers are incredibly agile, so we are expecting their strategies to shift in the coming year”

“To prevent your business from falling foul to a ransomware attack, there are two things to consider:

  • Preventing an attacker from gaining network access – investing in an external security assessment is the most reliable way to discover your vulnerabilities. Cybersecurity experts can then configure your security tools to protect you from the latest methods of attack.
  • Catching an attacker before it’s too late – it can take months for an attacker to gather the data they need to demand a ransom. Working with an external, specialised cybersecurity company that can monitor your system and quickly alert you to any suspicious activity can be the difference between a minor incident and devastating financial loss.

“Constant systems monitoring – by someone who is aware of developments in attackers’ tactics – will be more important than ever, as cyber criminals are looking for new ways to circumvent security operations. Currently, businesses are subject to 10,000 attempted attacks a day, but it often takes months for hackers to infiltrate an organisation’s most well-protected data. Catching a threat straight away, and acting quickly to mitigate the effects of a breach, will prevent attackers from stealing enough sensitive data to deliver a ransom.”

Phishing

Over 75% of cyber attacks start with someone opening a malicious email. These emails are designed to extract data from the recipient, usually a password, which is used to gain further access to an organisation’s network. Once an account takeover has been successful, hackers are able to mount more sophisticated attacks.

So how can businesses protect themselves from phishing scams?

Anthony comments: “Security awareness training is essential. Only 14% of UK companies perform cybersecurity awareness training, but educating employees on how to spot phishing scams is crucial.

“Things such as shortened links, an impersonal address, or anyone asking for private information, can all indicate that an email is not legitimate, even if it appears to come from a trusted source.”

The NCSC provides free security awareness training available here: 

https://www.ncsc.gov.uk/training/top-tips-for-staff-scorm-v2/scormcontent/index.html

It is also imperative to set up Two Factor Authentication on email accounts and ensure the secure configuration of your email service.

Business Email Compromise Attack

In 2022, when so much business will be conducted through online conversations between remote workers, organisations need to be aware of business email compromise attack – also known as ‘conversation hijacking.’ These attacks are well-researched, and highly personalised, making them difficult to detect and very effective.

This kind of attack usually comes once access has been gained through a phishing attempt. A hacker reads through breached emails to learn as much as they can about business practice and payment details.

Next, they will use this information to craft seemingly authentic messages which can be sent to both employees and customers, with the aim of tricking them to transfer money or update their payment information.

“A scam that we are seeing more and more frequently is when a hacker impersonates an organisation’s CEO to redirect large payments to their own accounts,” says Anthony.

“Once this money has been lost, it is almost impossible to retrieve, so it really is crucial to prevent hackers gaining access in the first place – and to have your accounts frequently and carefully monitored by cybersecurity experts who can spot an intruder before the final attack has been mounted.”

Companies interested in finding out their cyber risk score can order this for free from FoxTech here: Get in touch | FoxTech (foxtrot-technologies.com).

£150 million budget boost for Scottish small businesses

The Chancellor is expected to announce a new, £150 million fund to help thousands of small and medium sized enterprises in Scotland in tomorrow’s budget – building on the Government’s commitment to level up opportunities across the UK.

The fund will be delivered through the British Business Bank, working closely with local partners, and will help Scottish SMEs to invest and grow. It will build on the success of existing funds in other parts of the UK, which have been shown to support the creation of high-paying high productivity jobs and the upskilling of existing workforces.

Similar existing funds in England and Northern Ireland typically provide loans or invest in local companies – this can be recent start-ups looking to borrow smaller amounts to kickstart activity or established SMEs looking for larger investments to grow their business. Details on how businesses in Scotland can access the fund will be outlined in due course.

Chancellor Rishi Sunak said: “This fund will help thousands of small businesses in Scotland to make ideas a reality and grow their companies . I’m always impressed by the innovation and determination of SMEs and the UK government will continue to support businesses across the UK.”

Since the start of the pandemic the UK Government has spent £352 billion right across the UK on support measures. In Scotland this included protecting more than 900,000 jobs through the furlough scheme, £294 million in self-employment support, help for businesses and the procurement of vaccines.

In addition to the £150 million for Scotland, Wales will benefit from £130 million for a new fund and the British Business Bank will receive an additional £70 million to build on existing programmes in Northern Ireland.

HMRC: Don’t Get Caught Out!

HMRC urges small motor businesses and car enthusiasts to be aware of post-Brexit changes and prepare themselves ahead of January 2022

HM Revenue and Customs (HMRC) is urging small businesses and enthusiasts in the automotive sector to be aware of post-Brexit rules when sending and receiving parts from Europe or travelling across Europe to attend events, to ensure they don’t get caught out.

New rules have been in place since January this year and while larger VAT-registered businesses will have familiarised themselves with the changes already, smaller businesses such as independent garages and specialist parts retailers may not be fully aware of the changes to import and export rules and how they apply.

Likewise, for motor hobbyists who may want to order a specialist part from the EU to restore a classic car, or wish to travel across Europe to a rally, many would not have had to navigate the changes until recently.

With rallies, classic car exhibitions and festivals in full swing, including the upcoming Classic Motor Show in Birmingham and then, further afield, the Auto e Moto D’Epoca in Italy, enthusiasts are being encouraged to check they understand the new requirements.

HMRC has produced guidance to help people identify the best way to navigate the changes.

There is also an Online Trader Tool  to ensure small businesses don’t get caught out by unexpected charges or unnecessary delays, as well as highlighting processes they can follow.

The guidance also provides information needed to ensure small businesses are prepared ahead of next January when full customs declarations and controls will be introduced.

If small businesses are also moving parts or equipment between Great Britain and Northern Ireland, they can register with the free Trader Support Service.

https://youtu.be/OZ6or0d6Cxk

Katherine Green and Sophie Dean, Directors General, Borders and Trade, HMRC, said: “With the lifting of travel restrictions and more events being held, we want auto enthusiasts to be able to continue to enjoy their cars, motorbikes and campervans like they always have.

“However, we know that many people would not have anticipated that the changes introduced at the beginning of the year would impact them, which is why we urge them to make sure they understand the new obligations by using the guidance available to them – on Gov.UK, from one of our YouTube videos or through our customer forums. Getting used to the new processes now will stand them in good stead ahead of January.”

New Digital Academy set to boost 10,000 small Scottish businesses

Bank of Scotland has launched a new digital academy to help people, businesses and charities across Scotland boost their essential skills.

The academy launches today (16th June) and includes live training sessions as well as videos, interactive webpages and guides that can be accessed on demand at any time, all for free. It is also committed to helping more than 10,000 Scottish businesses with their digital skills.

The online lessons are available to everyone, and will build a wide range of skills, from improving confidence online to developing a website for your business, managing your money and staying connected with friends and family. The academy also provides access to online events for small businesses and charities to network virtually and hear from expert speakers.

Bank of Scotland’s latest research revealed that 67% of people said they would improve their digital skills if they knew support was available.

The new data also found that almost two-thirds (63%) of people across Scotland are spending more time online. People are not only spending more time online but are also doing more online. For those who have tried new things for the first time during lockdown, more than nine in ten (94%) expect this to continue in the long-term and almost a fifth (17%) are concerned that their digital skills still aren’t good enough.

More than half (53%) of Scots rely on the internet for day-to-day life and 49% agreed being online helped them to find and get a job.

Philip Grant, chair of Lloyds Banking Group’s Scottish Executive Committee, said: “During the pandemic, digital skills have been a lifeline for many, helping people stay in touch with friends and access services like banking and online shopping. 

“Being online has become part of everyday life for many more people and creating the Bank of Scotland Academy is all about helping people build the right digital skills.

“For small businesses digital confidence and capability have been crucially important. In the last year, 44% of small Scottish businesses wouldn’t have continued trading without digital facilities.[1]

“Having the right digital skills means that people can stay connected with loved ones, businesses can run more efficiently, and charities can raise more funds by reaching more people.

“The lessons are open to everyone, easy to follow and completely free, so my message is: get involved.”

Kate Forbes MSP, Cabinet Secretary for Finance and the Economy, added: “Digital technology plays a key role in a great many aspects of our lives and is essential to our economic recovery. As many people also choose the convenience of digital banking services, industry led initiatives such as the Bank of Scotland Academy will ensure that our financial system remains inclusive and accessible.

“If people have access to devices and the skills and confidence to use them, it will have significant benefits in economic growth and ensuring services work for us all. I would encourage anyone who thinks they would benefit to make use of this excellent new resource.”

The live lessons and resources have been created by Bank of Scotland with the help of expert learning and technology partners. The number of lessons available will evolve over time to reflect changing needs.

Sessions can be booked through Eventbrite[2] and more bespoke sessions will also be available, built around the specific needs and objectives of organisations.

*Statistics taken from the Consumer Digital Index 2021.

£30 million for charities and social enterprise

A new £30 million fund is being established to support small businesses within the third sector, helping them to grow as Scotland recovers from the impacts of coronavirus.

The fund will be designed to respond to a need for third sector organisations to access loans to help grow and explore new forms of social investment and finance. It will also help support the sector to meet the challenge of the pandemic and to become more sustainable in the long-term.

Communities Secretary Aileen Campbell said: “We have worked hard to support the third sector throughout the pandemic. This new fund will focus on those organisations with the potential to grow, contributing to jobs and making a positive contribution to our communities and the wellbeing economy. 

“It also goes some way towards our commitment to explore other strands of social investment, including capital loans, to build upon Scotland’s world leading position in social enterprise.

“The fund will help this sector to ensure that it not only supports our communities, but is at the very forefront of our recovery, leading our communities and our country through recovery.”

Yvonne Greeves, Board member at Firstport & Chair of Catalyst Fund, said: “The Catalyst Fund is an exciting new addition to the social investment arena in Scotland.

“The patient, revenue-based repayment model is well placed to help certain social enterprises obtain the capital they need to start-up and grow, whilst offering them a more flexible repayment approach to match their ambitions.

“We welcome the support from the Scottish Government in backing this innovative model and we look forward to supporting social enterprises with potential for high-growth to enter new markets and deliver significant social impact.”

The Third Sector Growth Fund will build on more than £1 billion which has been invested in communities since the start of the pandemic, which includes a recent commitment to a further £14 million to allow the Communities and Third Sector Recovery Programme to continue to the end of June.

The Third Sector Growth Fund will have three elements:

  • The Social Catalyst fund, which totals £15 million, will help growing organisations which are not able to access finance through standard loans, offering investment which can be repaid based on turnover, rather than growing interest rates. This would suit small businesses and start-ups whose income is variable.
  • The Circular Economy Fund will support activity which builds on sustainability of social enterprises and enables growth through investment loans. Together with The Long Term Third Sector Finance Fund which will offer loans for social enterprises and Third Sector organisations over a period of 18-24 months. a total of £10 million will be available.
  • The Social Impact Venture Portfolio will offer investments of equity into mission-driven businesses, encouraging organisations to adopt a social enterprise model. This is worth £5 million.

The delivery partners are The Social Impact Venture Portfolio and Social Investment Scotland, a social enterprise and a charity offering loan funding and business support across the sector to make a positive impact on lives, society and the environment.

Social Investment Scotland will manage The Circular Economy Social Enterprise Fund and Long Term Third Sector Finance Fund.

The Impact Investment Partnership Scotland (IIPS), an entity owned equally by Firstport and Social Enterprise Scotland (SES), will manage the Social Catalyst Fund.  

Access to the funds will be by application. Further details of the funds and how to apply will be published on the partner organisations websites later this Spring. 

BT and Digital Boost launch free mentoring programme for small businesses in Edinburgh

  • BT partners with Digital Boost to upskill small business owners and employees by bringing free mentoring sessions to at least 1,000 firms across the UK
  • New mentoring programme forms part of BT’s Small Business Support Scheme to assist small business during the pandemic and beyond by boosting their connectivity, cashflow and confidence
  • BT has equipped a further 20,000 small businesses with digital skills since the launch of the scheme, as part of its ongoing Skills for Tomorrow programme

BT has launched a new mentoring programme to support small businesses in Edinburgh during the pandemic, in partnership with Digital Boost, a free non-profit platform which unites digital experts with leaders of small businesses.

BT has pledged to deliver free one-to-one coaching sessions to at least 1,000 small businesses and is encouraging small firms across Scotland to register their interest. The initiative is part of its Small Business Support Scheme, which launched last Summer.

The mentoring initiative is open to all BT employees and has been successfully trialled with a number of small businesses prior to launch. BT has enlisted the expertise of its colleagues across the business – including Senior Executives – to upskill small business on a range of topics, including Cyber Security, Marketing, Social Media, Strategy, and more. 

Digital Boost will connect individuals from small businesses with relevant BT experts via its free online platform, where small businesses are able to register their interest in booking a free virtual mentoring session. 

BT launched its Small Business Support scheme last Summer – a broad range of measures to help small businesses get better positioned for growth during and beyond the pandemic. The scheme aims to do this by boosting the connectivity, cashflow and confidence that many small businesses say they lack as a result of the ongoing public health crisis.

The new mentoring programme forms a key part of BT’s efforts to drive skills and optimism amongst small firms, with an earlier survey conducted by BT and Small Business Britain revealing that more than half (53 per cent) lack confidence in the future of their business.

63 per cent of small firms felt they needed more support in marketing and sales; 44 per cent wanted more assistance with digital skills; while 36 per cent lacked skills in building business resilience.

BT is responding to these concerns by opening up access to free, expert advice to 1,000 small firms initially, with a view to further expanding the reach of the programme over the coming months.

Alan Lees, BT director for corporate and public sector in Scotland, said: “Helping small businesses to acquire new skills and boost their confidence during these exceptionally challenging times is a central part of BT’s Small Business Support Scheme.

“We’ve already equipped a further 20,000 small businesses with digital skills since the launch of the scheme and now we’re going even further by introducing a free mentoring programme. By partnering with Digital Boost we can engage our own colleagues around the need to step up and support small businesses, with experts around the businesses volunteering their time as BT mentors.

“Our ambition is to scale this very quickly, involving colleagues from all levels, including the senior leadership team. I would encourage any small businesses in Scotland who feel they would benefit from this direct support to book a spot as soon as possible via the website.”

Sherry Coutu, Founder at Digital Boost, said: “At Digital Boost, we help those who work for and lead small businesses and charities to survive the COVID-19 crisis and be more competitive in the long-run.

“BT is a key partner in our effort to help prepare the UK to build back better after the pandemic.”

Brett O’Brien, Internal Engagement Manager at BT, who has been involved in the pilot of the mentoring scheme, providing his support in sales to a small business, said: “I volunteered to be a Digital Boost mentor as I felt it was my duty to support the small businesses that are trying to weather the storm of COVID-19.

“I have lots of friends and family working in small businesses that are no longer in work so I felt personally motivated to support the small businesses that are fighting for survival.

“My expertise are in sales/partnerships and I have conducted two mentor sessions. The feedback from them was great and I feel a great sense of pride knowing that I’m making a direct impact to help these SMEs stay in business.”

BT has already helped tens of thousands of small businesses acquire new digital skills through its Skills for Tomorrow programme which aims to reach 1 million small business owners and their employees by 2025.  In recent months, BT has launched new learning content on crucial topics – such as how to protect yourself from cyber-attacks and using social media to reach new customers. In the last year alone, BT has delivered over 190 free learning webinars for small businesses.

Small businesses interested in mentoring support can book a free one-to-one coaching session now by visiting: https://www.digitalboost.org.uk/

BT is also acutely aware that it’s an extremely worrying and uncertain time for small businesses and is also providing access to expertise to small business leaders around maintaining wellbeing by boosting their mental and physical health.

A free online Wellbeing Toolkit is already available and a webinar series specifically designed for small businesses will launch next month.

BT: Scots pledge to support small businesses this Christmas

Shoppers keen to back their local high streets as they face the most turbulent winter in decades

  • 64 per cent of Scots agree[1] they are making more effort to support small businesses due to the impact of the Covid-19 pandemic
  • 70 per cent of Scots fear their local shops won’t survive the pandemic
  • 71 per cent of Scots are increasingly worried about the impact on their community if they lose local shops
  • 50 per cent of Scots agree the pandemic has made them reluctant to visit shops, stressing the need for small businesses to have an online presence

More than three in five people surveyed in Scotland are keen to support small businesses this Christmas – as they worry their local shops could go bust, according to new research conducted by BT in the run up to the festive period.

The poll of over 2,000 UK consumers found that 64 per cent of Scots agree they are making a conscious effort to help small businesses more because of the severe impact that the Covid-19 pandemic has had on trading over the past year.

The plight of local shops appears to be weighing heavily on the public conscience, as nearly two thirds of those polled in Scotland fear their local high street won’t survive the pandemic.

The poll found that 71 per cent of Scots are increasingly worried about the impact on their community if they lose local shops, with 64 per cent agreeing that their community depends on local businesses. Coupled with the recent collapse of major retail chains, it’s clear the public are concerned about the future of their local high-street.

The affection the public holds for small businesses is strongly reflected in the survey results, with 62 per cent of respondents in Scotland saying that small businesses play a key role in supporting local people; 51 per cent recognising the importance of small businesses in sustaining the economy; and 52 per cent pledging that small businesses provide vital employment.

Fears of contracting Covid-19 appear to remain post the most recent lockdowns across the UK, with 50 per cent of people in Scotland stating the pandemic has made them reluctant to visit shops. This reinforces the need for small businesses to have a strong online presence to help them survive the disruption of the pandemic.

Alan Lees, Director of BT’s Enterprise business in Scotland, said: “Small businesses have undoubtedly been amongst the hardest hit by the pandemic, with national and local lockdowns severely impacting their ability to trade.

“It’s really heartening to see that communities across the Scotland are coming out in force to support their local high street this Christmas, as these firms rely heavily on the festive period to generate the lion’s share of their profits.

“The fact that consumers want to engage with small businesses, particularly online, but sometimes face barriers in doing so, means that it is absolutely vital for them to adapt by moving online or risk being left behind. That’s why we launched our Small Business Support Scheme – to boost the connectivity, cashflow and confidence of small businesses through faster broadband, digital payments and digital skills, amongst other forms of assistance.”

In addition, the survey has also revealed that small businesses are facing increasing competition from bigger online retailers who are able to offer lower prices and faster delivery. 

According to the survey, top reasons holding people back from supporting small businesses include; the price compared with other retailers – with 41 per cent of Scots citing it as a barrier; a limited product selection, with nearly a third of Scots saying it was a concern; while no website presence was cited as a key concern by 17 per cent of respondents in Scotland.

Other concerns include slow delivery, a lack of social media presence and data security issues.

https://twitter.com/i/status/1337006754421501952

BT’s Small Business Support Scheme  consists of a series of measures to help boost the connectivity, cashflow and confidence of small businesses and help them get poised for growth.

Helping small businesses to boost their digital skills is a central part of the scheme, with BT pledging to help one million small businesses to boost their digital skills over the next five years through BT’s Skills for Tomorrow programme.

Alongside this, a dedicated mentoring programme for small businesses via Digital Boost will launch early next year, giving small businesses free access to BT’s expertise in strategy, marketing, and sales. Next year will also see the launch of a new digital marketing hub from BT to help small businesses to better promote their business online.

Other forms of support on offer via the scheme and which are available now include:  a bursary scheme for start-ups; a new digital payments solution; and a wellbeing toolkit for small businesses.

BT bursaries to support small businesses

  • 1,000 UK start-ups to be awarded six months’ free fibre broadband, digital phone line and mobile bundles
  • Launched as part of BT’s recently announced Small Business Support Scheme
  • Bursary includes Halo for business – the UK’s best converged connectivity plan which gives micro-businesses three powerful connections in one

Scottish start-ups and entrepreneurs can now apply for one of 1,000 bursaries being offered by BT as part of its Small Business Support Scheme.

With the UK home to the biggest and most vibrant start-up community in Europe, BT is pledging its support for start-ups by giving it a financial head start through free superfast fibre broadband, digital phone line and mobile bundles, including its Halo for business product. The bundles will be provided completely free of charge for the first six months on a 24-month contract.

BT recently launched its Small Business Support Scheme to help boost the sustainability and growth of small businesses and entrepreneurs around the UK as they continue to manage the economic impact of Covid-19 and as they prepare for a post-Brexit climate.

The new support package – which was welcomed by business groups and senior politicians around the country – consists of ten initiatives aimed at boosting the connectivity, cash flow and confidence of small businesses around the UK. Improving access to high-speed connections through bursaries and the launch of BT’s Halo for business product forms a central part of the scheme.

Pete Oliver, MD, SME, for BT’s Enterprise business, said: “BT has a proud history of backing the UK start-up sector, for example by helping to incubate companies at its tech cluster in Adastral Park, Ipswich.

“Start-ups will be critical in kickstarting the economy as the country gradually recovers from the impact of the pandemic. We want to do our bit by easing the financial burden on these fledgling companies by giving 1,000 of them free high-speed connectivity for the first six months.

“It’s just one example of how our Small Business Support scheme is helping start-ups, sole traders, micro businesses and more established firms to bounce back – from faster connections and digital payments to support around mentoring, digital skills and marketing tools.”

Businessman drawing diagram on glass wall in tech start-up office

Under the new bursary scheme, BT is offering UK start-ups a number of bundles to choose from, starting from £34.95 (excluding VAT) per month after the first 6 months. These include:

  • BT Halo for business broadband and digital phone line bundle

First 6 months free, then £34.95 per month excluding VAT for next 18 months

  • BT Halo for business broadband, digital phone line and 4G SIM-only bundle

First 6 months free, then £39.95 per month excluding VAT for next 18 months

Eligible companies can apply for a bursary from today by visiting: www.bt.com/tech-bursary.

To qualify, customers will need to have set up their company after 1 October, 2019 and they’ll need to be taking a BT business broadband service for the first time. BT’s customer service team will contact applicants the next working day to talk them through the best bundled broadband, digital phone line and mobile option to suit their needs.

While the bursary will be made available to 1,000 eligible companies initially, BT will be closely monitoring interest in the scheme and will consider extending it to more UK start-up companies, subject to demand.

BT recently announced the launch of its BT Halo for business offering – the UK’s best converged fibre broadband, mobile and digital phone line bundle for micro-businesses, which represent 91 percent of all businesses in the UK. 

Featuring three powerful connections in one, BT Halo for business includes superfast fibre broadband that automatically switches to 4G if there’s a problem to ensure that small businesses always stay connected; a digital phone line that lets businesses use their office number remotely, so they never miss a call; and an unlimited mobile plan with no data caps or speed restrictions. Business customers also have the option to upgrade to 5G for a truly converged experience.

One of the key benefits of BT Halo for business is the new digital phone line, which gives businesses access to a range of services which aren’t available through traditional fixed phone lines. It allows businesses to stay connected from any place, at any time, by simply downloading an app on their mobile device to make and receive calls from their business landline number when they’re on the move. The number will not change, so business customers can retain their identity and local presence even if the business premises moves.

BT Halo for business also features free Guest Wi-Fi, to allow firms to turn their workplace into a Wi-Fi hotspot for their customers without their broadband speeds or security being affected. It’s password-free so customers can easily browse online while they shop and clients can work whilst they visit the business premises.

All of these features are backed up by 24/7 UK-based customer service support to ensure that business customers can get assistance when they need it most.

Guidance to support safe re-opening of small businesses

New guidance has been produced to support the safe re-opening of small and micro businesses following the coronavirus (COVID-19) pandemic.

The publication provides practical advice for employers on the steps they need to take before and after re-opening.

Key measures include:

  • risk assessments to protect the safety of employers, staff and customers
  • provision for employees to work from home where appropriate
  • consultation with employees, trades unions or employee representatives before re-opening
  • infection and control measures such as physical distancing and good hygiene
  • staggered break and start times to reduce contact between employees

Economy Secretary Fiona Hyslop said: “The importance of small and micro businesses to our economy cannot be overstated. Over 98 per cent of all businesses in Scotland have less than 50 employees so it is critically important that they can re-open as soon as it is safe to do so.

“This guidance, developed in partnership with employers and trades unions, provides the information small and micro businesses need to ensure the safety of staff and customers as they re-open.

“And we are providing grant support worth over £1 billion to businesses as part of a wider support package worth over £2.3 billion and we will continue to do all we can to support this vital sector.”

Andrew McRae, the Federation of Small Businesses’ (FSB) Scotland Policy Chair, said: “It’s in everyone’s interests to get as many small businesses as possible back up and running as quickly as is safe.

“But to do so, small businesses need to make a lot of changes to how they work – often involving lots of complex, changing information.

“That’s why we asked the Scottish Government to help them cut through the mountain of information by providing some clear steps to follow. This is particularly important for all the smallest businesses who don’t fit neatly into a specific sector – the dog groomer, say, or the portrait photographer.

“For businesses that aren’t sure where to start, this guide will help, as it sets out the key steps they should take across four key areas, as well as providing links to other support and advice

The guidance covers both small businesses, with fewer than 50 employees, and micro businesses, with fewer than 10 employees.

This guidance sits alongside any other relevant sector specific guidance.

Small business Bounce Back Loans launch today

  • small businesses will be able to apply for quick and easy-to-access loans from today
  • businesses will be able to borrow between £2,000 and £50,000 with the cash arriving within days
  • loans will be 100% government backed for lenders, and businesses can apply online through a short and simple form

Thousands of small firms and sole traders – including high street staples like hairdressers, coffee shops and florists – will be eligible for 100% government-backed Bounce Back Loans to help them make it through the coronavirus outbreak.

From 9am this morning, small business owners can apply to accredited lenders by filling out a simple online form, with only seven questions.

The government has also agreed with lenders that an affordable flat rate of 2.5% interest will be charged on these loans. And any business that has already taken out a Coronavirus Business Interruption Loan of £50,000 or less can apply to have these switched over to this generous new scheme.

The Bounce Back Loan scheme is the latest step in a package of world-leading support measures launched by Chancellor Rishi Sunak – with £7.5 billion already awarded in business grants, 4 million jobs supported through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.

The Chancellor of the Exchequer, Rishi Sunak, said: “Small businesses will play a key role creating jobs and securing economic growth as we recover from the Coronavirus pandemic.

“The Bounce Back loan scheme will make sure they get the finance they need – helping them bounce back and protect jobs.”

Business Secretary Alok Sharma (above) said: “We are backing small businesses, which are the backbone of our communities, with the support they need to stay afloat.

“This new scheme of 100% government-guaranteed loans gives owners of even the smallest businesses the confidence and flexibility to borrow a sum which works for them. This will help ensure they can continue to trade, and be a key part of our efforts to reboot the British economy.”

As part of the scheme, small businesses can borrow between £2,000 and £50,000. The government will provide lenders with a 100% guarantee and cover the cost of any fees and interest for the borrower for the first 12 months. No repayments will be due during this period to enable firms to get back on their feet.

The loans are available through a network of lenders, including the five largest banks.