Small firms look to recovery after pandemic hit

The Sunday Times looks at how small firms are preparing to bounce back after the disruption and challenges brought about by the COVID-19 crisis. It says SMEs “have felt the most immediate pain ” from the crisis, citing figures from the ACCA and Corporate Finance Network showing that at the start of May, just 42% of SMEs had enough cash to last four weeks.

The report details the support measures that the Government rolled out to help small firms through the pandemic and says recovery is now the main focus for business leaders and politicians. On mooted measures that could drive this, it notes that lobby group The City UK has suggested that the Government takes minority stakes in small companies, while the Business Growth Fund has suggested the launch of a £15bn equity fund.

Federation of Small Businesses chief of external affairs Craig Beaumont, who says there has been “extraordinary support” from the Government, comments: “Now we need to switch to the recovery, including extending some of the schemes.”

Read more: The Sunday Times

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