May 25th, 2021.
One-third of small businesses have turned to the Bank of Mum and Dad to help them get through the Covid crisis.Faced with an emergency, more small business owners turn to family ahead of banks for financial help. Forty-six per cent turn to family during the crisis compared to 40 per cent who turn to banks, according to a Liberis survey. And over a third (35 per cent) said they turn to the Bank of Mum and Dad specifically, while one in five (19 per cent) said they turned to close friends.
Four out of five small businesses have needed financial support during Covid – an estimated 4.9m of the country’s 6m SMEs — and over three quarters have sought commercial financing.
For the full story at smallbusiness.co.uk CLICK HERE.