Business News


Chamber partnership will help firms access funding


A partnership between the Chamber and a leading business finance hub is giving more firms across Greater Birmingham access to vital funding – including the all-important Coronavirus Business Interruption Loan Scheme (CBILS). Finpoint helps businesses find finance from the UK’s


largest panel of lenders, using its proprietary technology to disrupt the traditional broker market.


‘The board has been extremely excited about the exclusive partnership we have with the Greater Birmingham Chamber of Commerce’


In August, Finpoint became Greater Birmingham Chambers of Commerce’s preferred business finance hub, allowing thousands more companies support in accessing funding and finance solutions. This includes the ability to access the CBILS, which


has been extended until 31 January. With many businesses still dealing with the impact of Covid-19, Government announced it was extending the


scheme beyond its initial 30 September deadline. The CBILS provides support to SMEs through access


to loans and other kinds of finance up to £5m. The Government guarantees 80 per cent of the


finance to the lender and pays interest and any fees for the first 12 months. Finpoint is helping firms access multiple providers


for the scheme, as well as providing information on the small business Bounce Back Loan Scheme. Guy Bridge, chief executive Finpoint, said: “The


board has been extremely excited about the exclusive partnership we have with the Greater Birmingham Chamber of Commerce. “It has enabled Chamber members to get additional


help and support when they seek help in raising finance in these challenging times. “We are delighted to make our proprietary


technology available in a co-branded fashion, to make it a seamless process for businesses wishing to use the service.”


To explore funding options, including the Coronavirus Business Interruption Loan Scheme, visit my.finpoint.uk/GBCC_BFH


Regional economic gap widens


The coronavirus crisis will worsen the UK’s north/south economic divide, according to a poll of 500 medium-sized business leaders, published by accountancy and business advisory firm BDO. The firm’s latest ‘Rethinking the


Economy’ poll has revealed that the biggest concern for businesses across the Midlands as a whole is ensuring the wellbeing and safety of their employees. The research showed that 44 per


cent of East Midlands business leaders are dealing with wellbeing and safety of their employees as their biggest challenge, while 42 per cent of West Midlands companies are prioritising managing international supply chains. When asked about the biggest


threat to their business in 2021, those polled said paying back business loans (31 per cent) was a major concern, followed by market contraction (23 per cent) and slow economic recovery (23 per cent). Many - 72 per cent - of Midlands businesses said they had a Brexit strategy in place, compared to a 63 per cent national average. Half of businesses in the


East Midlands said they plan to reduce office space or premises in the next six months. Nationally, the number one concern is cashflow. Tim Foster, partner at


BDO in the Midlands said: “Although Midlands business leaders feel the pandemic will magnify the UK’s north/south divide, there is still a feeling of confidence that the Government will keep its momentum in spending and policy plans to level- up the regions. “It’s clear from this month’s


findings is that business owners are looking ahead to 2021 with plans to increase their own resilience through strategies such as reducing office space, outsourcing or


planning mergers and acquisitions activity. “It’s also encouraging to see so


many of our regional businesses with plans in place for post- transition Brexit activities when compared to other regional counterparts.” In another survey, BDO found


both business output and confidence plunging during October for the first time since the initial lockdown in April. BDO’s latest ‘Business Trends’


report found that regional lockdowns and a tightening of national restrictions had already started to take their toll on business output across the UK even before the second lockdown had begun.


Richard Rose, partner and head


Tim Foster: business leaders are looking ahead


of BDO in the Midlands said: “The green shoots of recovery which started to emerge in May have been dealt a blow by the announcement of a second lockdown. “While the extension of the furlough scheme is welcome news for employees in the immediate term, uncertainty looms over sustainable job security and fears of mass redundancies have merely been pushed back rather than solved. “That said, with many businesses now adapted to life under lockdown, the second dip isn’t expected to be as deep as the first shock.”


In brief


A new resource has been launched by an Edgbaston based business to help disadvantaged young people. The resource is CoLAB,


which provides office space and other facilities for young people hoping to forge a career in business or as entrepreneurs. CoLAB is in the offices of


Martin James Network in Vicarage Road, and was recently opened by West Midlands mayor Andy Street. Mr Street said: “We know


young people are most at risk from the economic fallout of the coronavirus pandemic, and we must do all we can to support them.”


A month-long productivity and leadership campaign will return in 2021. Hosted by Greater Birmingham Chambers of Commerce, the annual Growth Though People will take place from 1 to 31 March 2021. The annual campaign aims


to boost productivity through leadership and people management. It will culminate in a conference, featuring a myriad of experts and business leaders. Details of the conference


and the campaign will be revealed via the Chamber’s communications channels. To find out more, visit greaterbirminghamchambers.c om/gtp


Selfridges Birmingham is determined to help make this year's Christmas festivities as special as any other year, despite Covid restrictions. The store is offering virtual


beauty, gifting and styling appointments, where shoppers can book video call appointments to receive masterclasses, tips and product recommendations from experts in-store. There are many choices of


appointment – a virtual styling appointment will include in- store stylists demonstrating the new season of collections and accessories here at Selfridges. As Christmas is


approaching, Selfridges will also be offering the Elfridges Service, which is a bespoke shopping service that aims to make buying gifts as easy as it can be.


December 2020/January 2021 CHAMBERLINK 17


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