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Start-ups firms now have easier access to loans

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Many start-up businesses will now have an easier time getting access to finance as changes to a government loan scheme has resulted in the expansion of the eligibility although the access to young businesses have been limited.

Based on the new rules, applicants to the Department of Trade and Industry’s Small Firms Loan Guarantee may now qualify for a loan with an annual turnover of up to £5.6m.

But the new rules will also limit the funding to businesses under five years old as a way of boosting the growth rate of start-up businesses and young firms.

Company formation and business solutions experts welcome the new rules saying that it will surely boost the number of individuals who might want to go into business on their own.

DTI research debunks myths about small business (Part 1)

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The gravity of the risk that is felt by people thinking of starting and operating their own business is vastly inflated, and this is stopping some people from actually taking the next step. This is based on new research by the Department of Trade and Industry, which found that a myth that is spreading among the public is that most small businesses fail within the first year. Actually, contrary to these beliefs, over 80 per cent of new businesses survive after the first year.

This finding is released in the Myths Surrounding Starting and Running a Business research the Department came out with this week.

Small businesses warned about new scam

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Business Buzz, a business network based in Scotland, has recently issued a warning to business owners to be more aware about the new “phishing” scam that has been targeting small businesses.

“Phishing” is a term that refers to gaining access to sensitive details such as passwords and bank account details. This practice has been happening more frequently ever since the advent of online banking.

The latest phishing scam usually involves an email entitled “Photo approval”. The email would allegedly come from a publication that would claim to have been sent a photograph of the recipient and that they would like to use the photo in a future article. A supposed copy of the said photo is attached to the email but if the recipient clicks on it the attachment will release a virus that would allow the sender of the email to access the passwords and other vital information that is stored inside the computer.

Company formation and business solutions experts have urged business owners to take precautions in order to protect their businesses from this kind of scam:

Refrain from clicking on links that are embedded in emails. Be naturally suspicious even if the email comes from a well known company.

Don’t open attachments if the email itself looks dubious. Don’t open attachments from sources that you don’t know to reduce your risk of exposure.

Use a spam filter. Try to use an anti-spam software to help sort out possibly fraudulent email.

Make sure that the definition files for your anti-virus application is up to date. When you have up to date definition files your PC has a better chance of catching any virus in case you or any person unwittingly opens a suspect email.