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Small businesses will be the driving force behind the UK’s recovery from the COVID-19 crisis.
The clearest effects of the COVID-19 pandemic have been on turnover and employment in SME’s. According to Enterprise Research Centre, over two fifths of businesses have seen sales decrease in the past 12 months and just over a third have cut jobs. Businesses report the direct negative effects of the pandemic, such as the fall in demand and the need to pause business operations, being the main drag on activity.
In addition, indirect impacts such as supply chain disruption and the cost of complying with COVID-19 restrictions presents further challenges for many SME’s. However, a minority of businesses noted the pandemic had created opportunities and others had taken away positives, such as a smooth transition to new working arrangements.
See below the Business reflections on the Covid-19 impact, percentage of businesses reporting impact from recent survey’s; found on “Enterprise Research Centre – Insight the impact of the Covid 19 pandemic on the UK SMES and their response”
Saffron Financial understands the struggles that some businesses have had through the pandemic. Small businesses may need additional funding as the lockdown starts to ease and the end seems near, the struggle for many businesses to survive in this pandemic is still far from over.
Those businesses that have managed to survive are seen as a success story. This success really is businesses opening their doors to customers once more. Some businesses and entrepreneurs found ways to survive the pandemic by adopting new ways or how to run their enterprise. This could be in many different ways, from permanent home working with no office costs, embracing social media to finding local suppliers closer to home at a much lower expense. These are all inspirational ways of how these people adapted to develop their own business to recover and go beyond.
Throughout the pandemic it has been hard for businesses to survive. The government has offered plenty of financial support to help out in these tough times. (CBILS) Coronavirus Business Interruption Loan Scheme and (BB) Bounce Back Loans were available to support businesses across the UK that were losing revenue and having their cashflow disrupted. With CIBLS being available through a range of accredited lenders and partners, this allowed lenders to provide up to £5 million in many forms such as Term loans, Overdrafts, Invoice Finance and Asset Finance, all in which Saffron Financial could offer. This scheme finished in March 2021 where shortly after another government funding scheme was announced called The Recovery Loan Scheme (RLS).
On the 6th April 2021, the Recovery Loan Scheme was launched, to provide financial support across the UK as businesses recover from the pandemic. If your business had previously borrowed money form any of the other schemes that were on offer, the RLS is still open to you. The RLS scheme has been a great way to help small businesses come out of the pandemic, helping them manage cashflow to support continuous growth and development. RLS is available right up until the 31st December 2021.
If we have learnt one thing from lockdown its to take any support that’s available, to make sure your business not only survives but thrives!
At Saffron Financial, we aim to put you and your business first. We want to help you pull through this pandemic and understand what you have learnt from lockdown. We want to take the pressure off, and help you manage your finances coming out of the pandemic. We can offer support and funding for your business at the time you need it the most.
If you or your small business needs funding or continuous financial support, we are here and happy to help. We offer a wide range of finance solutions that may be able to support you and your business whatever your needs may be. You can contact us today at email@example.com or speak to a member of our team on 01925 594 455.
Saffron Financial is the in-house direct lead generation arm of Saffron Asset Finance.
Saffron Financial provides brokerage services to businesses and individuals in the UK through a range of financial services.