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Scotsman
28-05-2025
- Business
- Scotsman
Businesses demand action to boost growth as Scotland falls behind UK as a whole
Economy shrinks in February and March with GDP growth for first quarter sluggish, new Scottish Government data reveals Sign up to our Politics newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Business leaders have called for growth to be the 'top priority' at Holyrood and Westminster after it emerged Scotland's economy shrank in February and March and has fallen behind the UK as a whole. Data published by the Scottish Government reveals GDP fell 0.2 per cent in March, following a similar drop of 0.2 per cent in February, prompting Deputy First Minister Kate Forbes to demand 'decisive action' from the UK Government. Advertisement Hide Ad Advertisement Hide Ad The figures also reveal that over the first three months of this year, growth increased 0.4 per cent in Scotland - below the 0.7 per cent recorded for the UK as a whole over the same period. The governments of Keir Starmer and John Swinney need to have a proper working relationship (Picture: Andy Buchanan/WPA Pool) | Getty Images Ms Forbes insisted Labour ministers need to 'counter the damaging economic impacts of Brexit' and also reverse the recent hike in employer national insurance contributions. She said the Scottish Government has only 'limited powers' over the economy. Scotland Office minister Kirsty McNeill insisted it is 'absolutely essential' that both the Scottish and UK governments 'work together to deliver better jobs, wages and opportunities for the people of Scotland'. Advertisement Hide Ad Advertisement Hide Ad Firms 'expect situation to get worse' Her call was echoed by Colin Borland, director of devolved nations at the Federation of Small Businesses, who warned that most small firms expected the situation to deteriorate further. Mr Borland said: 'We saw the first signs of confidence starting to return among small business owners in Scotland during the first quarter, after our Small Business Index (SBI) hit a four-year low at the end of last year. However, that returning confidence remains fragile – with more small businesses still expecting things to get worse before they get better – so it needs to be nurtured. 'That requires all levels of government from Westminster and Holyrood through to local councils to keep a clear focus on the impact of their policies on small businesses. Advertisement Hide Ad Advertisement Hide Ad 'Growth needs to be everyone's top priority. At a UK level, that includes looking again at the parts of the Employment Rights Bill that threaten to put smaller employers off taking a chance on hiring new recruits and removing barriers to business finance. 'For the Scottish Government and local authorities, it means delivering on promises to carefully assess the small business impact before adopting new regulations, taxes or policies.' For the period January to March, Scotland's services sector – which makes up the bulk of the economy – grew by 0.5 per cent, while the production sector grew by 0.3 per cent. The construction sector was flat with 0 per cent growth recorded, while the agriculture, forestry and fishing sector contracted 0.4 per cent. Advertisement Hide Ad Advertisement Hide Ad Looking at March alone, output in the services sector was flat at 0% growth, while the production sector shrank by 1.6 per cent. However the construction sector expanded by 0.3 per cent. Deputy First Minister Kate Forbes | PA Mr Forbes, who has responsibility for the economy within the Scottish Government, stressed the figures for the first quarter of 2025 are 'encouraging' when compared to the 0.1 per cent growth recorded over October to December 2024, and said they show quarterly growth 'getting stronger'. She added: 'In the face of ongoing global challenges, dynamic steps are being taken to grow and transform Scotland's economy. Advertisement Hide Ad Advertisement Hide Ad 'We are pursuing new investment, building export potential and supporting innovation. Last week the First Minister announced that US green aircraft engine developer ZeroAvia is to establish a new manufacturing base in Scotland, creating around 350 jobs. 'Meanwhile, our Programme for Government includes a six-point export plan to help businesses tap into new markets and increase sales.' 'Limited' powers for Scottish ministers But she added the Scottish Government's 'limited' powers mean 'decisive action' is needed from the UK Government to 'counter the damaging economic impacts of Brexit and tackle the economic uncertainty currently being felt by business, workers and families'. This action from Westminster must include reversing the 'damaging decision to increase employers' national insurance contributions', the Deputy First Minister insisted. Advertisement Hide Ad Advertisement Hide Ad Ms McNeill made clear however that 'Scotland's growth must not lag behind the rest of the UK'. She said: 'The UK government ended austerity in Scotland with a record £50 billion block grant in 25-26 for the Scottish Government to spend on public services. 'Meanwhile our Brand Scotland trade missions are promoting Scotland's goods and services on the world stage to encourage further growth and investment, and our forthcoming industrial and trade strategies will create opportunities for people right across the UK.' Scotland Office minister Kirsty McNeill | PA She also said the UK Government's Plan for Change is 'working by kick-starting economic growth and putting more money in people's pockets'. Advertisement Hide Ad Advertisement Hide Ad Ms McNeill added: 'There's been an annual pay rise of around £1,400 for up to 220,000 Scottish workers and an end to zero-hours contracts for nearly 80,000 Scots thanks to our ground-breaking Employment Rights Bill.' READ MORE: Why a Fair Banking Act would create a more inclusive economy Scottish Conservative shadow cabinet secretary for finance and local government Craig Hoy said governments in both Edinburgh and London were to blame for Scotland falling behind the UK as a whole. He said: 'Growth across the UK has been badly hit by Labour's disastrous budget and their National Insurance tax rise. But under the SNP Scotland is lagging behind even those sluggish figures. Advertisement Hide Ad Advertisement Hide Ad 'Two left-wing governments to blame' 'Thanks to the SNP's higher tax rate, excessive regulations and failure to pass on rates relief, Scottish businesses are at a disadvantage. Thanks to the policies of two left-wing governments, economic growth has stalled, while Scottish firms and households are paying more to get less.' Kevin Brown, Savings Specialist at Scottish Friendly, said: 'March's GDP figures show Scotland trailing the wider UK, which is disappointing but not disastrous, and certainly isn't a signal to panic. 'The gap between Scotland and the UK isn't huge, and with the right conditions – stable inflation, improved consumer confidence, and no escalation in global trade tensions – growth could quickly pick up.
Business Wire
01-05-2025
- Business
- Business Wire
LegalZoom Unveils Enhanced Compliance Portfolio to Help Business Owners Stay Legally Protected During Market Uncertainty, Changing Policy Decisions, and Economic Volatility
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Inc. (Nasdaq: LZ), a leading online platform for legal services, today announced significant enhancements to its business compliance portfolio, designed to help entrepreneurs concentrate on growing their business while avoiding costly legal penalties and potential closure. LegalZoom's new suite of compliance features keeps businesses protected with attorney-tracked compliance monitoring, compliance status notifications featuring data from the state filing office, and AI-powered business licensing updates. Given recent macroeconomic volatility, it can be difficult for small businesses to stay in compliance with evolving regulations. A prime example is the changing landscape of Beneficial Ownership Information Reporting (BOIR). While BOIR has been eliminated federally for US citizens, it is still required for foreign nationals and certain states such as New York have introduced their own requirements, with new rules taking effect January 1, 2026. LegalZoom has expanded its compliance portfolio and services to help business owners stay informed during this time of change, uncertainty, and volatility. Serving as a trusted guardian, LegalZoom works to protect businesses from compliance violations, helping them to avoid missed deadlines and unexpected penalties. 'In a landscape of evolving policies and economic instability, our customers require excellence in compliance support so that they can truly focus on what matters most—their business,' said Nicole Miller, Chief Legal Officer of LegalZoom. 'With LegalZoom, business owners gain a dedicated partner that stays ahead of regulatory changes, backed by real expertise—not guesswork. Our expanded services lift the burden of compliance, giving entrepreneurs peace of mind so they can move forward with confidence.' Entrepreneurs don't want to spend their time navigating complex legal and compliance hurdles. In fact, new data from the U.S. Chamber of Commerce Small Business Index reveals that approximately half of small business owners believe they are spending too much time on regulatory compliance, hindering their growth. Compounding the problem, 51% say licensing, certification, and permit requirements create additional barriers to expansion, and 47% say that their business spends too much time fulfilling regulatory compliance requirements. In addition to long-running monitoring features and handling of required filings, compliance subscribers also have access to LegalZoom's expanded compliance portfolio, which includes: Compliance Status & Monitoring: Leveraging data obtained from your state filing office, this groundbreaking integration gives business owners status updates of their standing with state agencies directly on LegalZoom's compliance platform, with built-in alerts on any changes. LegalZoom's compliance status badge, monitoring, and notification service is designed to ensure you're always informed of critical changes to your business standing, eliminating compliance guesswork and providing peace of mind, directly from the ultimate authority on your business's compliance—your state, paired with our insights, guidance, and support. Attorney-Tracked Updates: LegalZoom proactively monitors compliance requirements and their impact on our customers, keeping abreast of legal and government developments and analyzing their significance. In particular, we track changes to filing requirements, ensuring our customers are informed about the latest in their business compliance and provide them with solutions to staying up to date. This empowers our customers to focus on their core business, secure in the knowledge that we're watching their essential compliance updates. AI-Powered Business License Content Change Detection: LegalZoom is leveraging AI enhancements to track ongoing business licensing report requirements across 90,000 jurisdictions, notifying customers when new requirements or modifications to their existing license reports are detected. This helps ensure entrepreneurs remain compliant with the latest licensing rules without the hassle of complex manual tracking at the federal, state, and local government levels. LegalZoom's expanded compliance offerings reinforce its commitment to providing small businesses with the tools and expertise to thrive in a complex regulatory environment, helping entrepreneurs safeguard their businesses, maintain compliance, and operate with confidence. For more information, visit here. About LegalZoom LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys—whether through our vast independent attorney network or the LegalZoom-owned law firm—we offer the tools and guidance people need to confidently manage everything from business formations and compliance to estate planning and ongoing legal support. With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. For more information, visit
Yahoo
01-05-2025
- Business
- Yahoo
LegalZoom Unveils Enhanced Compliance Portfolio to Help Business Owners Stay Legally Protected During Market Uncertainty, Changing Policy Decisions, and Economic Volatility
Attorney-tracked insights, AI enhancements, and industry-leading technology provide peace of mind for entrepreneurs with comprehensive monitoring and support MOUNTAIN VIEW, Calif., May 01, 2025--(BUSINESS WIRE)-- Inc. (Nasdaq: LZ), a leading online platform for legal services, today announced significant enhancements to its business compliance portfolio, designed to help entrepreneurs concentrate on growing their business while avoiding costly legal penalties and potential closure. LegalZoom's new suite of compliance features keeps businesses protected with attorney-tracked compliance monitoring, compliance status notifications featuring data from the state filing office, and AI-powered business licensing updates. Given recent macroeconomic volatility, it can be difficult for small businesses to stay in compliance with evolving regulations. A prime example is the changing landscape of Beneficial Ownership Information Reporting (BOIR). While BOIR has been eliminated federally for US citizens, it is still required for foreign nationals and certain states such as New York have introduced their own requirements, with new rules taking effect January 1, 2026. LegalZoom has expanded its compliance portfolio and services to help business owners stay informed during this time of change, uncertainty, and volatility. Serving as a trusted guardian, LegalZoom works to protect businesses from compliance violations, helping them to avoid missed deadlines and unexpected penalties. "In a landscape of evolving policies and economic instability, our customers require excellence in compliance support so that they can truly focus on what matters most—their business," said Nicole Miller, Chief Legal Officer of LegalZoom. "With LegalZoom, business owners gain a dedicated partner that stays ahead of regulatory changes, backed by real expertise—not guesswork. Our expanded services lift the burden of compliance, giving entrepreneurs peace of mind so they can move forward with confidence." Entrepreneurs don't want to spend their time navigating complex legal and compliance hurdles. In fact, new data from the U.S. Chamber of Commerce Small Business Index reveals that approximately half of small business owners believe they are spending too much time on regulatory compliance, hindering their growth. Compounding the problem, 51% say licensing, certification, and permit requirements create additional barriers to expansion, and 47% say that their business spends too much time fulfilling regulatory compliance requirements. In addition to long-running monitoring features and handling of required filings, compliance subscribers also have access to LegalZoom's expanded compliance portfolio, which includes: Compliance Status & Monitoring: Leveraging data obtained from your state filing office, this groundbreaking integration gives business owners status updates of their standing with state agencies directly on LegalZoom's compliance platform, with built-in alerts on any changes. LegalZoom's compliance status badge, monitoring, and notification service is designed to ensure you're always informed of critical changes to your business standing, eliminating compliance guesswork and providing peace of mind, directly from the ultimate authority on your business's compliance—your state, paired with our insights, guidance, and support. Attorney-Tracked Updates: LegalZoom proactively monitors compliance requirements and their impact on our customers, keeping abreast of legal and government developments and analyzing their significance. In particular, we track changes to filing requirements, ensuring our customers are informed about the latest in their business compliance and provide them with solutions to staying up to date. This empowers our customers to focus on their core business, secure in the knowledge that we're watching their essential compliance updates. AI-Powered Business License Content Change Detection: LegalZoom is leveraging AI enhancements to track ongoing business licensing report requirements across 90,000 jurisdictions, notifying customers when new requirements or modifications to their existing license reports are detected. This helps ensure entrepreneurs remain compliant with the latest licensing rules without the hassle of complex manual tracking at the federal, state, and local government levels. LegalZoom's expanded compliance offerings reinforce its commitment to providing small businesses with the tools and expertise to thrive in a complex regulatory environment, helping entrepreneurs safeguard their businesses, maintain compliance, and operate with confidence. For more information, visit here. About LegalZoom LegalZoom is a leading online platform for legal services, transforming how individuals and small businesses navigate the legal system. By combining intuitive technology with access to experienced attorneys—whether through our vast independent attorney network or the LegalZoom-owned law firm—we offer the tools and guidance people need to confidently manage everything from business formations and compliance to estate planning and ongoing legal support. With over two decades of experience and millions of customers served, LegalZoom helps individuals and small businesses navigate legal needs with confidence. For more information, visit View source version on Contacts Investor Relationsinvestor@ Presspress@ Sign in to access your portfolio
Yahoo
18-04-2025
- Business
- Yahoo
What is a short-term business loan and how does it work?
Short-term business loans are a quick way to get funds for your business, with repayment terms typically lasting between three to 18 months. Short-terms are often offered by online lenders, who can process applications and disburse funds faster than most traditional lenders. Common reasons for taking out a short-term small business loan include emergency expenses, covering seasonal cash flow dips and taking advantage of business opportunities. According to the Small Business Index Q1 2025 report, revenue is a top concern for 35 percent of small businesses. If you need cash for an emergency or to take advantage of an exciting new business venture but don't want to be in debt for years to come, a short-term business loan may be the answer. Online lenders can provide funds within a day or two, while traditional lenders may take a week or more. With repayment terms typically 24 months or less, a short-term loan allows you to address immediate needs while minimizing the long-term financial burden, helping your business stay agile and focused on growth. Understanding the ins and outs of this type of financing can help you find the best short-term business loan to meet your small business needs. Short-term small business loans are a financial resource for companies that need extra cash. These loans have shorter terms than most business loans, which means you'll get out of debt sooner. However, that setup also results in high daily, weekly or monthly payments, and these loans also tend to have high interest rates. A quick application process combined with easier requirements than long-term loans makes this financial product compelling for many business owners. Some businesses that can't get approved for long-term loans may have better luck with short-term business loans. Short-term small business loans work a lot like other types of loans. The lender gives you a lump sum of money, usually in exchange for some sort of business collateral (unless you take out an unsecured loan, which would usually translate to a higher interest rate). Like other loans, you repay what you borrow in the schedule laid out by the terms of your loan. Unlike other loans, that timeline is brief. Usually, short-term business loans have terms of 18 months or less, though some lenders offer 24 month repayment terms. Depending on the type of short-term business loan and lender, you may have to make daily or weekly repayments to repay in that short time. Online lenders primarily offer these loans. They can usually process your application quickly (within 24 hours in some cases). Once approved, money usually hits your account the same day. Be prepared for higher short-term business loan interest rates in exchange for that expediency, as many short-term loans use factor rates instead of interest rates. Long-term business loans come with longer repayment terms, usually anywhere from seven to 25 years. Rates are usually much lower compared to short-term business loans. That longer repayment schedule can help to facilitate a larger loan, plus it can mean making less frequent payments and keeping those monthly payments down. With a short-term loan, you usually make payments weekly or daily, with interest expressed as a factor rate. This can make the true cost of a short-term loan more expensive than a longer-term loan. Both short-term and long-term business loans have options that allow you to use the funds for a variety of uses. Make sure you check your loan agreement to understand exactly how you can use a short-term loan. Fees and credit score consequences As with most business loans, short-term small business loans often come with administration/origination fees and consequences if you default. Your credit score will also take a huge hit. The reasons you might consider a short-term business loan are probably as unique as your business itself. Here are a few common use cases for short-term business loans: Dealing with emergency expenses. Maybe a key piece of equipment just broke, or a natural disaster impacted your office. To get the money you need to handle the unexpected, fast short-term business loans can come to the rescue. Covering seasonal cash flow dips. Does your business have boom seasons followed by leaner times? Short-term small business loans might be worth exploring if you need to weather a seasonal slump. Seizing a business opportunity. If bringing on headcount could help you service an exciting new client or making a big inventory purchase now could help you land a sizable discount, you might need a lump sum of liquid capital your business doesn't have. With a short-term loan, you can get that cash in hand to lean into the growth opportunity. Getting financing with bad credit. Because this type of financing usually comes with looser eligibility requirements, it can be an option for a bad credit business loan. Short-term business loan requirements vary by lender, but in general, you need the following most recent documents: Business bank and income statements Business licenses or permits Personal and business tax returns Revenue statements Up-to-date business plan There is also usually time in business requirements, with most short-term lenders requiring at least six months to two years or more in business. You'll also need to prove annual revenue of at least $50,000 to qualify. Costs vary from lender to lender. Short-term loans typically cost more than long-term loans, with interest rates ranging from 7.49 percent to 30 percent or more. Fees like application, origination, processing or underwriting fees can add to the total cost. iBusiness Funding, for instance, charges up to 10.49 percent in origination fees. Also, lenders usually tack on late fees if you miss a payment. On the flip side, some lenders like National Funding offer early repayment discounts if you can repay your loan faster. Short-term business loans can offer business owners funding to bridge a brief gap in their cash flow. You'll generally get the money fast, but you'll also need to repay it quickly. Evaluate your cash flow and make sure you can keep up with the rapid repayment terms that come with these types of loans. If the repayment periods for short-term loans are too quick for you, review the alternatives to see what other options are available. You can also use a business loan calculator to determine what repayment terms best fit your budget. Who should get a short-term business loan? These loans can be a good option for owners who need a lump sum of cash now but don't want to be saddled with long-term debt. They can also be a good option for businesses that wouldn't qualify for long-term business loans, like new startups and companies with bad credit. How long is a short-term business loan? These loans typically have a repayment term of three to 18 months, but some short-term loan lenders offer repayment periods of up to 24 months. Why would a business need a short-term loan? A short-term business loan could help you deal with cash flow issues, seize an unexpected business opportunity or deal with an emergency.
Forbes
15-04-2025
- Business
- Forbes
Small Businesses Are Getting More Open About Pay in Job Listings
Small businesses are struggling to find good workers. Some think the fix is to be upfront about pay. Getty Images More small businesses are saying the quiet part out loud when it comes to pay. That's according to the latest MetLife and U.S. Chamber of Commerce Small Business Index. The survey shows that 62% of small businesses now say they plan to include pay ranges in their job postings. That's up from just 50% at the end of last year. In some places, listing pay isn't optional. New York, California, and Colorado are among the 15 states that now require employers to include salary ranges in job postings. These laws vary by state in whom they apply to. Rhode Island, for example, requires it for all employers with one or more employees, while Minnesota exempts businesses with fewer than 30. But they all generally aim to promote wage equality and provide job seekers with clearer compensation information upfront, rather than after a series of interviews. Research shows pay transparency can achieve that goal, but there are tradeoffs. A 2023 Harvard Business Review article shows the practice can help close pay gaps between men and women and between different racial groups. But it can also cause tension at work. People may get upset if they see someone earning more, even if there's a good reason for it. Still, it's a tool more small businesses are turning to as they try to solve what they've said for months is their biggest problem: finding good workers. According to the National Federation of Independent Business's Small Business Optimism Index, 19% of owners said labor quality was their biggest problem in March. That was unchanged from February. Taxes, including tariffs, came in second at 18%. That number seems likely to jump once the April survey comes in. The pay transparency fix is catching on. Just not evenly across generations. Younger business owners are driving the change. Nearly three-quarters of Gen Z and Millennial-owned businesses say they plan to list pay in job postings. That compares to 61% of Gen X owners and just 47% of Baby Boomers.
