Tag: smallest

UK’s smallest businesses fight to survive the coronavirus crisis

A low-rise building in a trendy part of east London bears testament to the far-reaching impact of the coronavirus crisis on the UK’s smallest companies.

The building’s central atrium has a series of doors leading to its 98 offices and workshops, but many are locked and the blinds on windows pulled down.

It highlights how some workers will never return to Brickfields, the building in Hoxton owned by Workspace, a FTSE 250 property company. About 10 companies that were tenants have either left or are due to leave, while another eight have cut the amount of space they are using in the building.

However Brickfields is far from a ghost town: many companies in the building have so far survived the crisis because of emergency government support, and a few are thriving amid the pandemic.

Businesses have made good use of chancellor Rishi Sunak’s menu of assistance, led by the

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CFPB data collection rule could exempt smallest small-business lenders

The Consumer Financial Protection Bureau finally detailed what small-business lending data it may require under the Dodd-Frank Act, but the agency also appears willing to relieve certain lenders from the reporting requirements.

The CFPB said in a 79-page outline released Tuesday that it is considering whether to exempt lenders with under $100 million or $200 million of assets out of concern that some entities “might reduce or cease their small business lending activity because of the fixed costs of” compliance. To implement Section 1071 of Dodd-Frank, the agency is also considering exempting institutions that make few small-business loans.

The data requirements — similar to reporting obligations applicable to mortgage lenders — are designed to assess small businesses’ credit needs and whether borrowers experience lending discrimination.

Banks have largely resisted collecting data on women-and minority-owned small businesses by claiming it requires too much paperwork and is a regulatory burden. But experts

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