New data from a survey of 5,000 business owners on the impact of COVID-19 have found that 1 in 5 would turn to friends and family for cash flow advice. That’s ahead of 17% who would speak to their bank manager and 14% who would speak to a financial adviser or broker.
The survey carried out by fintech firm, MarketFinance suggests that trust or access issues are stopping business owners from approaching their banks or financial advisers instead of turning to friends and family or accountants.
Over two-thirds of business owners (35%) have said they will turn to (or have turned to) their accountants for advice.
Speaking online, CEO of MarketFinance, Anil Stocker said, “nobody can be sure how well the [government’s COVID-19 measures] will work and how this money will be propagated around the small business community.
“Business advisers will play a key role in guiding businesses on the best finance options for them. It’s imperative they are up to speed with all the necessary information and nuances of what is available”.
The survey also suggested that only half (52%) of UK businesses are planning to take up a loan using the government’s Coronavirus Business Interruption Loan Scheme, citing existing loans and a lack of appetite for taking on the responsibility for further loan repayments.
