Loan guarantees, Minimum Wage freezes, and sales losses - here's your need-to-know business news roundup.
The Chancellor has launched a new loan guarantee scheme which he says will enable small firms to access cheaper credit.
Loans made under the National Loan Guarantee Scheme will be one percentage point cheaper than those made outside the programme. [BBC]
The government has frozen the National Minimum Wage for under 21s.
Meanwhile the adult rate will rise in October to £6.19 an hour. [Guardian]
Small firms are suffering from cost cutting with businesses less willing to replace equipment.
One in six small businesses has lost sales during the past year according to a new report. [Telegraph]