Research suggests SMEs expect to borrow £48 billion post-coronavirus lockdown

17 Jun 2020

Research carried out by banking group Aldermore has suggested that small and medium-sized enterprises (SMEs) in the UK expect to borrow £48.3 billion once the coronavirus (COVID-19) lockdown ends.

Three in five SMEs stated that they expect to borrow £65,000 in the year following the COVID-19 pandemic. The research also revealed that a third of SMEs believe that good communication with their clients will help get their business back on track after the lockdown.

Meanwhile, 25% of SMEs polled said that receiving ongoing government support will be beneficial to their business.

Commenting on the research, Tim Boag, Group Managing Director of Business Finance at Aldermore, said: 'Helping SMEs recover following the pandemic will be crucial to the economic future of the UK. As our research has shown, SME income has been hit hard by COVID-19, with many having borrowed funds in order to survive, and with some expecting to continue to do so in the year ahead.'


xero quickbooks.png sage.png kashflow.png
Copyright

© 2021 Mark J Rees LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0116 2549018

Address
Mark J Rees LLP, Granville Hall, Granville Road, Leicester, Leicestershire LE1 7RU

Mark J Rees LLP is a Limited Liability Partnership Registered in England & Wales Number OC362074. A list of members’ names is available at the business address. MJR, Mark J Rees and MJR Wealth Management are trading styles of Mark J Rees LLP which is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority.

‘Partner’ refers to a director of a corporate member.