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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.'