29% of SMEs 'carried on as usual' during pandemic, survey finds

19 Aug 2020

A survey carried out by Purbeck Insurance Services has revealed that 29% of small and medium-sized enterprises (SMEs) carried on business as usual during the coronavirus (COVID-19) pandemic.

29% of SMEs carried on with no assistance from the government, according to the survey. 31% reported that they were confident about their job prospects and 17% described themselves as very confident in regard to job security.

80% of employees surveyed said that their manager was transparent about how their business was coping financially during the pandemic.

Commenting on the survey, Todd Davison, Managing Director of Purbeck Insurance Services, said: 'Based on our survey, one in five owners and directors of SMEs are shouldering huge personal financial risk because they have put their home and other personal assets on the line for a business loan by providing a personal guarantee to the lender.

'If SME owners start to look round for finance independent of any government support it is vital they look at the ways they can mitigate the risk of a personal guarantee-backed loan as the options outside of this type of loan could become quite limited.'