This week we take a look at the latest survey results to understand what is most important to regional businesses right now and share our quick links to support
A picture of current business community challenges
Our latest survey results show that as many as 96% of business operating in the Liverpool City Region have been negatively impacted by the COVID-19 outbreak; with 44% of businesses uncertain that their business will survive the next 12 months.
When we first surveyed city region businesses back in March, they were seeking financial support to keep them afloat during lockdown. Now, 53% of businesses are focusing on what support they will need once social distancing restrictions are relaxed.
The survey has also shown that 46% of businesses have had to make significant changes to their business model or operations and further changes will be required once lockdown restrictions have been relaxed.
Most of the businesses surveyed had heard of some or all of the business support available; however, 37% of businesses are unsure if some or all of the support they have applied for, or are thinking of applying for, will make a difference
Overall, the survey highlights that accessing support and advice is still crucial to the survival of businesses in the city region.
Given the picture, we have outlined a number of national and regional support on offer to businesses:
New SME Bounce Back Loan Scheme
The Chancellor has announced new ‘quick and easy’ bounce back loans worth up to £50,000, aimed at helping small businesses impacted by Coronavirus crisis. The Government will also guarantee 100% of the cash, making it easy for small businesses to get access to cash within 24 hours.
The scheme will launch on Monday 4th May, offering businesses an interest free loan for 12 months, to find out more, click on this link.
To learn more about the financial support for SME’s, the Department for Business, Energy and Industrial Strategy is hosting a free webinar on Tuesday 5th May 2020, simply register here.
Local Business Grants
Since the launch of the Small Business Grants Fund and the Retail, Leisure & Hospitality Grants Fund our Local Authorities have been working hard to reach out to eligible businesses directly to arrange payment. The grants are of £10,000 or £25,000.
Professional and Business Service – business planning advice
Our panel of experts can provide city region businesses with advice on areas such as continuity planning for restarting your business, and how you can build your business better for recovery. The service will provide you with a one hour of free consultation with up to two of the professional advisors.
To learn more, please visit our website and make an enquiry, click here.
Business Resilience Support
If you need focused help to work through options and design your future strategy we are working with BDO LLP to deliver a fully-funded bespoke programme of engagement, advice and support for SMEs across Liverpool City Region, focusing primarily on COVID-19 related issues and how businesses will emerge successfully.
Get in touch here to find out more.
Sector Specific Support
We have many businesses in the city region impacted in many ways across a variety of sectors. We have collated all the sector specific support out there, to check out what is on offer in your sector, please click here.
We have gathered a number of online webinars that you can listen to for advice on the latest changes, simply click here to see all the online events taking place.
Following the survey results, we have selected those webinars that address some of the big concerns business currently have:
- Friday 1st May 2020 – COVID and Cash flow – The numbers coach Johnny Martin is hosting a free webinar, register here.
- Tuesday 5th May 2020 – Financial support for SME’s, the Department for Business, Energy and Industrial Strategy is hosting a free webinar, simply register here.
- Tuesday 12th May 2020 – Rapid response – keeping customers connected during a pandemic – The Women’s Organisation are hosting a webinar on marketing during a pandemic, register here.
If you prefer to speak to someone about the support available both locally and nationally, Growth Platform have a dedicated team who are #heretohelp you access the right support for you, simply call 0151 705 1985