Poll: SMEs’ top fear second wave (not Brexit)

By Daniel Lanyon on Tuesday 27 October 2020

Alternative Lending

Nearly one in two British SMEs say a second wave of Coronavirus is keeping them awake more than a fear of the impact of Brexit.

Poll: SMEs’ top fear second wave (not Brexit)
Image source: Photo by Anna Shvets from Pexels

Almost half of British businesses fear the impact of the second wave of Coronavirus, more than they fear the impact of Brexit, according to new research commissioned Nucleus Commercial Finance.  

The number of SMEs surveyed who said the fallout from a renewed and sustained increase in cased of COVID-19 and its associated economic consequences was twice the rate (48 per cent) than those citing the impact of Brexit (24 per cent) as chief among their concerns.

15 per cent of those polled said they were concerned they would have to close their businesses. 

The research, which was carried out towards the end of the summer before case numbers began to nudge back up, and polled 506 SME senior decision makers, found that younger people are much less concerned about a second wave of Coronavirus than their older counterparts.

Just 38 per cent of 18-34 year olds are most concerned about a second wave, compared to 52% for those aged 35-54 and 49% for senior decision makers aged 55 and over. 

Chirag Shah, CEO, Nucleus Commercial Finance, said: “It’s natural that given the current uncertainty, businesses are fearful of the future and the impact of significant events such as a second wave of Coronavirus and Brexit."

"However, UK SMEs are demonstrating considerable resilience, and we expect they will continue to do so. We know that there is a role for alternative lenders to play in helping Britain’s businesses and supporting them in achieving their goals".

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