More than 10,000 SMEs apply for business recovery grants
More than 10,000 small and medium-sized enterprise (SME) owners have applied for a £10,000 Business Boost grant, as firms look to rebuild and recover from the coronavirus pandemic.
The grant was launched by Simply Business at the beginning of the year to provide a boost to small businesses, but the number of firms applying for the grant has increased significantly since the lockdown measures were introduced in March.
Some firms have been unable to access Government support, and grants such as these have provided a welcome boost to businesses.
According to the latest research, SMEs estimate that COVID-19 will cost them an average of £11,779 between loan repayments, loss of earnings and loss of business.
There are currently almost 6 million SMEs in the UK, which account for 99 per cent of all businesses, with experts believing that the total cost to small businesses could be more than £65 billion.
SMEs also contribute £2 trillion to the economy every year, with some experts concerned as research indicates that two-fifths are currently at risk of closure.
“We’re astonished by the number of applications we’ve received for our Business Boost grant. We know the devastating impact Covid-19 has had on small businesses, with lockdown costing them £11,700 each on average.”
“Thankfully, the self-employed are resilient. We know that 75% intend to continue or restart their business, while a further 10 per cent even plan to take the leap and start a new one.”
“We’re hoping that our £10,000 Business Boost grant will enable the big dreams of one entrepreneur, and give them the financial help they need during these difficult times.”
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This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at time of publishing (18 August 2020).