1 in 7 SME’s failing to access COVID-19 financial help scheme

One in seven (15%) SME owners that have tried to access funds from the Government’s financial assistance programme during the COVID-10 crisis have so far been unsuccessful according to Bionic, a business switching service.

The company said 28% of small businesses have already applied for access to the government’s financial assistance and that a further 34% have researched how to access it. According to Bionic, the average business can stay solvent on current cash reserves for 10 weeks (67.5 days). Only 32% have enough money to keep the business afloat for three months or more. It said 14% of SMEs have already made staff redundancies, but 49% expect to have to lay off staff.