A new report shows that small and medium-sized enterprises (SMEs) in the UK are planning to look into alternative sources of funding, and that they are already recovering well from the pandemic.

This report by Capify saw the business lender speak to 250 UK SMEs, and the results show that 45% have managed to get back to the levels of turnover they had before the pandemic – or even surpass them. Furthermore, among those that have not yet achieved this, 26% stated that they anticipate doing so inside 12 months, suggesting that the post-pandemic recovery is well underway.

One of out every three SMEs that Capify spoke to stated that outside financing would likely be necessary over the next year, with 39% indicating that they would be looking to alternative sources, while 41% planned to stick with standard lenders. Accountants in Goole and elsewhere can help SMEs put together sharp business plans to assist with this.

According to Peer2Peer Finance News, John Rozenbroek from Capify pointed out that a lot of SMEs did not get any financial help from the government during the pandemic. He went on to add that many would not have survived without finding alternative financing sources, and that this had put these lenders on the radar of smaller businesses as they look to grow now that Covid-19 is starting to recede.

The report also shows that close to half of the SMEs that participated – 48% in total – managed to change their ways of operating to keep going during the extended lockdowns.