Comment – Small business Barclaycard Payments research

Today, research from Barclaycard Payments highlights two-thirds of small and medium sized enterprises in England felt more prepared for the current national lockdown compared to when restrictions were first introduced in March. Businesses said they were more prepared for the new coronavirus rules, under which hospitality venues and non-essential stores have been ordered to close.

With this in mind, Scott Donnelly, CapitalBox CEO has commented on the role that government leading must play in supporting SMEs and increasing optimism. He said: “Although many SMEs have struggled to stay afloat, unsupported by the technical glitches, delays and errors found in Government lending schemes, entrepreneurs are able to face the second wave stronger than the first. Small businesses have prepared themselves mentally and taken advantage of the lessons learnt during lockdown instilling the kind of business discipline and resilience that will continue to reap benefits long after the cycle has recovered.

“To maintain this level of optimism we must make sure small businesses have access to funding. Another helicopter money approach is doomed to exploitation. Banks and alternative lenders have to work together alongside the government to guarantee deserving businesses who previously applied to non-bank lenders are not denied the finance they need to get through the end of 2020.”