Money

Live Q&A: Small businesses face cash crunch


Businesses across Britain are battling to survive the cash crunch caused by coronavirus and the government is under pressure to do more to help smaller firms.

More than half of owner-managed businesses could run out of cash within the next 12 weeks according to research by an accountancy network and more than seven in 10 have lost at least half their revenue since the coronavirus disruption began.

The number of firms receiving Coronavirus Business Interruption Loans (CBILs) is now rising, and on Monday the British Business Bank announced it had approved four new lenders to provide financial support, taking the total number to over 50.

Live Q&A

Claer Barrett, the FT’s personal finance editor, and Andy Bounds, the FT’s enterprise editor, will take part in a live video Q&A with readers at 12 noon UK time on Tuesday April 28. To ask a question, comment below this story.

The Treasury is also considering whether to offer a 100 per cent state-backed guarantee on loans of up to £25,000 to “micro businesses” still struggling to access credit.

In this week’s live business clinic, the FT wants to hear about from small business owners battling to find a way through the crisis. How easy or difficult are you finding it to access credit from your bank? What more do you think the finance industry needs to do better to support SMEs?

Perhaps you are worried about how you would repay an emergency loan if the economy takes a long time to recover, or the level of interest your business will be charged after the 12-month grace period expires.

Claer Barrett, the FT’s personal finance editor, and Andy Bounds, the FT’s enterprise editor, will take part in a live video Q&A with readers at 12 noon UK time on Tuesday April 28.

To ask a question, or relay your experiences of accessing support from your bank or government support schemes, please leave a comment below.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.