With many businesses across different industries and sectors being adversely affected by Coronavirus, companies are still looking for support from the Coronavirus Business Interruption Loan Scheme (CBILS). With the British Business Bank declaring the deadline for the scheme to be 30th September 2020, leaving just 6 weeks (at time of writing) for businesses to get their applications in.
Recent research from the BVA BDRC in their SME Finance Monitor Q2 Report found the sectors most likely to be seeking finance by assessing the demand and availability of finance for SMEs in the UK,
According to the report, the sector most likely to seek and use finance is the Hotel and Restaurant industry (47% of respondents), with the Wholesale and Retail sectors (41%), being the second most likely.
The stats suggest that 12% of SMEs are thinking of applying for funding, whilst 14% have already applied for Government schemes.
A final 74% do not plan to apply, however it seems businesses are still seeking funding to weather the uncertainty that Coronavirus has brought.