The survey— which conducted by Opinium Research between 23rd and 30th April 2020, with a nationally representative sample size of 1,000 senior decision makers in UK SMES —found that businesses in the food and drink sector were also losing just over half (52%) of their monthly income.

According to the study, the average SME has lost over a third (34%) of monthly business income, as a result of the outbreak.

•   Will the bridging and development markets start looking like they did 10 years ago due to Covid-19?
•   Aldermore resumes physical valuations for BTL in England
•   Aldermore uses government coronavirus loan scheme to help SMEs

Tim Boag, group managing director of business finance at Aldermore, said: “Conditions are extremely tough for UK businesses at the moment.

“The pandemic has resulted in companies within the hardest hit sectors struggling to survive.

“Small changes within a business can go a long way in preserving much needed capital. 

“Even when the lockdown eases, business income will take time to recover and SMEs must continue to adapt to the new normal.  

“Aldermore is here to back our customers and will continue to work closely with them, respond to their needs and provide the funding or guidance they are looking for.”