CEO Comment: COVID-19 Recovery Loan Scheme essential for SMEs

Today marks the start of the applications for the new government-backed Covid-19 recovery loan scheme in the UK which comes as England sets to reopen large parts of economy on 12th April.

Scott Donnelly, CEO at CapitalBox said: “60% of SMEs across Europe have had their cashflow impacted negatively, and 56% of SMEs have had to apply for loans purely to survive the pandemic and pay staff wages. CapitalBox’s recent survey shows that it is critical the UK Government continues to provide the support they need to get through these difficult times. The start of the new Covid-19 Recovery Loan Scheme today is a needed further step for a continued business support during the pandemic, and important on businesses’ path to recovery. Without more financial support for businesses, we would face further unemployment, unpaid salaries and closure of SMEs – who are the essence of survival post economic crashes and recessions.”