A new study has found that the overwhelming majority of small and medium-sized enterprises (SMEs) across the UK are not seeking out the sort of outside funding that they need following the Covid-19 crisis.

This study was by the Corporate Finance Network (CFN) and the Association of Chartered Certified Accountants (ACCA). It found that four out of every five SMEs were not looking for funding from available sources after the pandemic, choosing to turn to options such as business overdrafts from their banks instead, which pile more pressure on them because they have to be repaid much quicker.

Furthermore, those accountants that took part indicated that around 27% of SMEs – amounting to one out of every four – have not yet got back to where they were before the pandemic in terms of profits and productivity.

Accountants in Goole and other areas can be a real help to SMEs in finding financing that will help them to bounce back from Covid-19 and plan for the future.

ACCA UK Head Claire Bennison told Business Leader that:

“Without the right financial support for the SME economy, the UK as a whole is not going to move forward in becoming a leader in innovation – either in technology or sustainability – and that is a concern.”

One third of the accountants participating in the study said that they expected their SME clients to resort to an overdraft in the first half of 2022, showing how crucial it is that they are made aware of long-term sources of financing.