Latest news with #smallbusinesses
Yahoo
a day ago
- Business
- Yahoo
Ontario to provide ice storm recovery funding for businesses, municipalities
The Ontario government says it's introducing two financial assistance programs to help municipalities and businesses recover from a severe March ice storm. The storm in late March left nearly 400,000 homes and businesses with power outages and damaged property as freezing rain covered parts of Ontario in layers of ice. The province says it will launch two one-time financial assistance programs to help with ice storm recovery, including one to help municipalities pay for emergency response and cleanup costs such as clearing fallen trees. The other program will provide up to $5 million for small businesses, small farms and not-for-profit organizations to pay for storm-related cleanup and essential repairs not covered by private insurance. The province did not specify how much money it has set aside for the programs, but said final amounts for business assistance will be based on the number of applicants and eligible costs, while municipal funding will be based on the eligible emergency response and recovery costs. The province says eligible businesses and municipalities will have until Oct. 31 to apply for the funding. This report by The Canadian Press was first published June 19, 2025. The Canadian Press
BBC News
2 days ago
- Business
- BBC News
South Ayrshire Council to abandon controversial tourist tax plan
South Ayrshire Council is set to abandon plans for a tourist tax in the region. The local authority mooted the prospect of charging for overnight stays in a bid to boost its a public consultation into the plan was heavily negative, with only 15% of respondents supporting the proposal compared to 79% critical comments included doubts Ayrshire was attractive enough a location for the levy to work. Officials recommended the plan be abandoned for two years and the decision was agreed at a council meeting on decision is subject to call-in, meaning other councillors have 48 hours to object to the decision before it is finalised. The Federation of Small Businesses (FSB) and the Association of Scotland's Self-Caterers (ASSC) both submitted formal objections to the South Ayrshire proposal, with residents, hotels and B&Bs providing most of the other respondent wrote: "I don't believe that Ayrshire is attractive enough as a destination to warrant a tourist tax/levy."I can see how this works in very popular places like Barcelona or Athens." Many expressed fears that the region's tourist sector was already fragile, and that small businesses would suffer if there was any further financial have reviewed the survey findings, along with developments in other areas, and recommend dropping the project from its transformation programme and not considering development until August 2027 at the said the two year delay will allow time to assess how the levy affects other regions and whether such a scheme could work in South future return to the plan would need a full public consultation and a locally tailored approach, including decisions on rates, exemptions, and use of revenue.A number of other regions in Scotland are looking at similar plans, with Edinburgh councillors deciding to push ahead with a 5% levy earlier this councillors will decide on a similar scheme on approved, tourists will be charged £4.83 per night from January 2027.
Yahoo
3 days ago
- Business
- Yahoo
G7 members agree to increase public sector use of AI, collaborate on quantum
OTTAWA — G7 countries pledged Tuesday to increase adoption of artificial intelligence, including in the public sector and among smaller businesses, while also promising to promote investment in emerging quantum technologies. A joint statement on AI, issued as the global summit was wrapping up in Kananaskis, Alta., said the seven countries would work 'together to accelerate adoption of AI in the public sector to enhance the quality of public services for both citizens and businesses and increase government efficiency.' It said Canada will use its G7 presidency to host a series of "rapid solution labs" looking at barriers to AI adoption in the public sector. G7 members also agreed to develop a "road map" for successful AI projects and a catalogue of "open-source and shareable AI solutions for members." The G7 nations also pledged to support adoption of artificial intelligence by small and medium businesses. "We plan to create the conditions for small and medium-sized enterprises (SMEs), including micro-enterprises — the engine of our economies — to access, understand, and adopt AI in ways that drive value and productivity," they said in a related document. The AI joint statement says G7 countries will work to address AI's heavy energy consumption and increase access to AI in developing countries. "We recognize that increased AI adoption will place growing pressure on our energy grids, produce negative externalities and have implications for energy security, resilience and affordability," it said. It said member countries also "hear the concerns of emerging market and developing country partners about the challenges they face in building resilient AI ecosystems, including the risks of disruption and exclusion from today's technological revolution." In a separate document, the seven countries also issued a "common vision" for quantum technologies. It says quantum technologies "have the potential to bring significant and transformative benefits to societies worldwide" and are "poised to create economic and social benefits in sectors such as finance, communication, transport, energy, health and agriculture." The document also warned quantum could have "far-reaching implications for national and international security." Florian Martin-Bariteau, research chair in technology and society at the University of Ottawa, noted the statement promised to establish a joint working group on quantum technologies. He said that's a "huge advance, so early in the development stage of such a strategic technology." Quantum technologies use the principles of quantum mechanics for applications like computing. The Kananaskis summit is the first time quantum, tech that is in an earlier stage of development than artificial intelligence, has been a priority at a G7 meeting. This report by The Canadian Press was first published June 17, 2025. Anja Karadeglija, The Canadian Press Sign in to access your portfolio
Mail & Guardian
3 days ago
- Business
- Mail & Guardian
How banks can better serve small businesses in Africa
Traditional banks need to figure out a way to serve small businesses. Small companies power much of Africa's economy. But traditional banks haven't fully tapped into this potentially lucrative segment due to risk concerns and stringent onboarding and credit requirements. This gap is being filled. A growing assortment of telecommunications companies and challenger banks are willingly embracing the perceived risks associated with smaller businesses, offering microfinancing and innovative solutions that traditional banks have been hesitant to provide. The allure — higher lending margins today and long-term relationship building for tomorrow. If traditional banks want to remain competitive over time, they must figure out a way to serve this segment — quickly. The category of micro, small and medium-sized enterprises (MSMEs) contributes about Although 80% of MSMEs have bank accounts, about 70% still rely on personal accounts for business transactions. What's more, research from the In all, about 28% of MSMEs in Africa don't have access to credit, Effectively serving MSMEs presents significant opportunities for both banks and the broader economic development of Africa. The continent features a concentration of large commercial enterprises alongside a vast number of informal MSMEs. By formalising this sector, banks can help to unlock its potential, stimulating economic growth. As these businesses gain access to financial services, they can contribute more effectively to job creation and GDP growth, leading to a more resilient and diversified economy. Small and micro businesses present unique risks, such as limited financial records, lack of collateral and vulnerability to macroeconomic events, which explains banks' hesitance to provide a comprehensive range of services. But MSME banking also offers benefits, including fatter lending margins, strong customer relationships and a large value pool. The competitive landscape is fragmented, with players excelling in specific areas rather than holistically. Competition is heating up as digital banks, telcos and fintechs recognise the value of serving MSMEs and tailor products to them. The increasing focus on MSMEs is no coincidence; methods for managing risk and developing a fit-for-purpose risk appetite have evolved. Advanced scoring algorithms that use non-financial data and fintech innovations tailored for MSMEs are now available, all of which are further enhanced by the fast rise of artificial intelligence. Digital banks and fintechs are addressing the payment and financing difficulties of MSMEs in innovative ways. Fintech companies often start with a single product and rapidly diversify their offerings. Lula, for example, began as an MSME lending business and has since entered the banking space, while Yoco, initially focused on payments, is moving into lending based on insights into merchant cash flow. Challenger banks rooted in personal banking are also entering the MSME space. Capitec, for example, recently acquired Mercantile and relaunched as Capitec Business, implementing a new commission-based model for point-of-sale services. TymeBank has enhanced its offerings through the acquisition of an MSME-focused fintech, developing innovative solutions such as a loan product and an AI-driven tool to support businesses in managing their finances. Mobile network operators are broadening their financial service offerings to tap into the MSME market, using their extensive reach. Big tech companies are also launching MSME solutions as part of their broader financial initiatives, such as embedded finance, intensifying competition. Despite the rise of fintechs and challenger banks, traditional banks still have valuable opportunities to work with MSMEs. Their credibility and established reputation resonate with MSMEs, similar to their appeal to larger corporations. But many traditional banks face a dilemma in deciding which MSME segments to prioritise. While they excel in serving medium enterprises, they often struggle to connect with micro and small businesses, where fintechs have gained significant traction. The key question for traditional banks is whether their existing business models can adapt to this evolving landscape without major overhauls. Banks that dominate the upper MSME spectrum might find growth opportunities by targeting smaller enterprises and vice versa. But their current structures could hinder such transitions. As they pursue growth, traditional banks must protect their core business and maintain operational capabilities. Striking the right balance between defending existing operations and exploring new segments will be crucial for long-term success. While it's clear that financing and advisory services remain the most sought-after for MSMEs, there are also opportunities in non-financial services, including documentation assistance, operational support, training and data analytics. These 'beyond banking' services are increasingly seen as must-haves by all banking customers. To succeed, banks must recognise the unique needs of African MSMEs and develop tailored products and services that simplify business operations. This may involve partnering with fintechs and specialists to enhance capabilities and offer fit-for-purpose and personalised solutions. This strategy will not only generate new revenue streams for banks but also equip MSMEs with the essential support they need for growth. Ultimately, a collaborative approach will unlock significant opportunities, driving sustainable growth for companies — and banks — across the economy. Pierre Romagny is a partner in financial services at Oliver Wyman.
BBC News
13-06-2025
- Business
- BBC News
Botley Road: Goodwill cash over three-year road closure in Oxford
Businesses affected by the extended closure of a major route in Oxford will receive goodwill payments to "recognise the trouble the delays have caused", the rail minister has small, local businesses impacted by the delayed works on Botley Road will be eligible to receive one-off payments from an £850,000 government road has been closed since April 2023 as part of a £261m Network Rail project to upgrade Oxford Station and is expected to reopen in August Minister Lord Hendy welcomed the additional support and said he was "glad the project is now on track". When the rail operator first outlined its plans the road was expected to be shut over two six-month periods, with a six-month break in-between in April in September 2023 it announced there would be no break because works had run behind schedule. Then in July last year it said it would not reopen in October as planned due to "highly complex" pipework and the discovery of a Victorian-era arch.A new timetable was adopted in January this year, with reopening set for August 2026. During a visit to the site on Friday, Lord Hendy said: "I'm pleased that Network Rail can now offer payments to those eligible small, local businesses affected, and while it can't undo all the hardship businesses have faced, it recognises the trouble the delays have caused."I will continue to hold Network Rail to account and engage with the local community," he said."I look forward to the scheme being completed, so Oxford can benefit from more frequent and accessible transport links to boost growth in this bustling city." Businesses can apply for the one-off government payments through Network Rail, although a time scale has not yet been provided for when the funding would be handed Moran, Lib Dem MP for Oxford West and Abingdon, said the payments would go "some way towards repairing the damage caused by the chaos and disruption of this project"."Today I breathe a massive sigh of relief, with support finally available for businesses struggling with the impact of the never-ending road closure," she continued."Our vibrant local businesses now have a better chance to come out of the other side of this difficult period and thrive." The scheme follows the closure of Courtney Pianos after more than three decades - with the owner pinpointing the long delays to the Botley Road works as the main David Hogben told the BBC the effect the disruption had on the shop was "like falling off the edge of a cliff", adding there had been a 40% drop in sales since the April, five separate businesses affected by the works stopped paying their business rates and said they would not pay them until they received further financial the time, Network Rail said it was supporting local firms with "independent, tailored advice" to apply for a reduction in their business rates. During Lord Hendy's visit to Oxford it was also revealed that costs for the scheme had risen to £261m - about £100m more than initially suggested.A new walkway and cycleway is also set to be completed this Jones, Network Rail's western route director, said: "We know the delays to this project have been frustrating, and we're sorry for the disruption they've caused."The good news is that the project is now firmly back on track, and we're making strong progress."We're committed to keeping the community informed as we deliver a safer, more accessible Oxford station for everyone." You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram.
