Fighting Back For Business – Survey

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* 1. Which sector does your business fall into?

Arts

Construction

Consumer Goods

Educational Services

Energy

Entertainment

Financial Services

Hospitality

IT / Information Technology

Manufacturing

Media

Personal Care

Property

Retail

Transport

Travel

Other (please specify)

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* 2. How long have you been running your business for?

Less than 2 years

2-5 years

5-10 years

10-15 years

15-20 years

20 years +

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* 3. How much has your business lost since the start of the pandemic last March?

Less than £10,000

£10,000 - £25,000

£25,000 - £50,000

£50,000 - £100,000

£100,000 - £500,000

£500,000 - £1,000,000

£1,000,000 +

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* 4. Why did you take out a Covid-19 business loan? (Please tick all relevant answers)

The impact of the pandemic significantly reduced the profitability of my business.

I was misinformed about the terms of the loan.

I was uncertain about the future of my business and so it seemed like a good safety net to keep the business afloat.

My business was forced to close during the pandemic due to the Government lockdown measures.

I didn’t take out a loan.

Other (please specify)

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* 5. Would you have taken out a Covid-19 business loan if you had known that the government would implement multiple national lockdowns and localized restrictions on business activity?

Yes

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* 6. If the Covid-19 business loans are not scrapped, will your business be able to survive?

Yes

Yes – but it will seriously affect our prospects in the short to medium term.

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* 7. If you answered no to the previous question, why will your business not be able to survive if the business loan repayments aren’t scrapped? (Please tick all relevant answers)

I will not be able to afford the interest payments.

Under current restrictions, my business cannot operate. As my business isn’t generating any income, I haven’t got any funds to pay the loan back with.

My business model is no longer viable as a result of the pandemic.

Consumer preferences have changed due to the pandemic and there is no longer a demand for my services.

I answered yes to the previous question.

Other (please specify)

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* 8. The Chancellor has announced a “pay-as-you-grow” initiative, which gives SMEs the option to extend the length of their loan from six to ten years. Will this new arrangement mean that your business will be able to survive whilst re-paying these loans?

Yes

Yes – but it means that these loans will be hanging over us for longer and it will impede our future business growth.

No – this will only increase the amount of interest I pay