NOVEMBER TRADE NEWS Woolworths confirms administration Textile maker claims innocence in fake goods case VAT cut drives Irish shoppers north of the border Woolworths close to administration Chancellor cuts VAT to 15% Retail sector 'being driven by discounts' Lingerie business to focus on wholesale operations Christmas delivers online shopping BRC warns government of pressure on retailers Wholesaler helps small retailers fight Asda Fraudster made £12,000 from eBay scam Scottish consumers 'tightening their belts' Luxury fashion brand enjoys rise in wholesale activity Weak pound benefits Northern Irish retailers Internet helps small retailers to fight downturn London sales superiority over UK 'dwindling' Cambridge retailers fight proposed Tesco opening Wholesale slump for designer clothing company Small retailers 'under threat Post Office to keep card accounts Wind forces trade fair inland Young consumers 'susceptible' to brands Christmas cheer in store for small retailers Local shops play vital community role Retailers told to expect flat sales this Xmas Keep Trade Local campaign comes to London Park Cameras bags Retailer of the Year award Retail sales plummet to three-year low Christmas 'make or break' for small retailers UK traders invited to enter Retail Week Awards Mary Queen of Shops to help Birmingham retailers Scottish Asda store criticised by local resident Low interest rate good news for small firms Markets must support each other, says CGTA Banks urged to pursue small business funding BRC to launch new online retail sales indicator Small retailers voice optimism in Kendal Portsmouth hosts bash for local newsagents Argos under fire for 222% APR store card Emergency funding for ailing small firms Stolen goods warning for Worcestershire retailers Trade News Archive November 08 October 08 September 08 August 08 July 08 June 08 May 08 April 08 March 08 February 08 January 08 Subscribe to our newsletter   Go to The Wholesaler UK Directory  3rd November 2008 Emergency funding for ailing small firms The economic slowdown is taking a heavy toll on the UK's 4.7 million small businesses, AFP reports, prompting a new funding pledge from the government. According to the Federation of Small Businesses (FSB) the sector currently provides 13.5 million jobs as well as contributing to more than 50 per cent of Britain's turnover. But with access to credit drying up and consumer confidence at an all time low, the group expects increasing numbers of small firms to go under. It notes that 280 such businesses already fold each week. Responding to the situation, chancellor Alistair Darling last week confirmed that the European Investment Bank (EIB) will free up £4 billion of emergency loans for UK small businesses. "Small firms are vital to the strength of our economy," he declared. "We need to make sure that despite the global credit crunch, they have access to the loans and capital they need." Recent research by the FSB found that 84 per cent of small businesses reported rising costs in 2007, while 46 per cent said trade had slowed.   (c) 2008 Adfero Ltd. Comment on this news story