Some 30% of SMEs don’t expect to survive the COVID-19 crisis, according to research by the UK200Group of mid-sized legal and accountancy firms
The alarming figure is drawn from a survey of 1,200 small business clients and can be compared to 92% who were trading ‘as expected’ or ‘better than expected’ before the crisis.
80% of businesses who feel they are at risk of failing are encountering problems in getting help from the banks or accessing loans. Many of them complained of lack of clarity on the government rescue schemes.
Declan Swan, CEO of the UK200Group, said: ‘Our concern is that many small and medium sized businesses will simply run out of cash which will result in many very good small businesses failing… many business owners need guidance on what’s available.’
