More than half of small businesses have used Covid Bounce Back loans to adapt and invest in their business
More than half of small businesses have used Covid Bounce Back loans to adjust and invest in their business.
Companies took the opportunity to train new staff, introduce new products and update technology, according to data from Starling Bank and Enterprise Nation.
Investing in the future: Companies took the opportunity to train new staff, introduce new products and update technology
The government launched the scheme – which allows small businesses to borrow up to £ 50,000 – last May.
Around 1.53 million loans worth a total of £ 4.65 billion have been made. A survey of 850 small businesses found that 55% used cash to adapt and grow.
Emma Jones, founder of Enterprise Nation, said: “ The money has allowed them to confidently pivot, introduce new products and services such as online ordering systems or boost commerce supply. electronics and improve online marketing. ”
Almost half (48%) said having funding on their reserves gave them more peace of mind. Many have said they would be keen to use the new payback loan program, which offers businesses loans of up to £ 10million.