One third of UK small firms have stated that they are worried about their ability to repay loans they have received during the Covid-19 crisis, according to a new survey.

Over 50% of the 712 small firms that EY spoke to for this survey said that trying to bounce back from the impact of the pandemic and lockdowns was the biggest task they faced, and that additional help may be needed if they are to survive. Meanwhile, a third of them feel that paying back the loan support they have received from the government will be impossible due to revenue and sales declines and supply shortages.

According to the survey, 61% of small firms have seen their chains of supplies damaged by the pandemic, while 58% have suffered a drop in revenues and 57% have seen their sales figures decline. In tough circumstances like these, accountants in Goole or any other part of the country can help small firms reduce outgoings.

Speaking to Small Business, Anita Kimber from EY stated that:

“Businesses of all sizes have been impacted by the pandemic, but SMEs have disproportionately suffered, with large numbers relying on financial support just to survive.”

Kimber then added that those providing financial services had to help these businesses as they try to bounce back, creating tailored plans for their recovery and taking the time to understand the needs of individual small businesses.

Nearly one out of every nine UK firms took out Covid-19 loans from either a private finance lender or the government.