Research of more than 200 small to medium enterprises (SMEs) which have taken out external funding in the past 12 months shows almost half (47%) don’t understand what a personal guarantee (PG) is.
Issues with repayment extensions on COVID-19 business loans and fraud will see more small to medium enterprises (SMEs) turning from banks to alternative lenders for finance.
The majority of SMEs are struggling as a result of the pandemic, with 85% of those that have applied for CBILS still in need of support.
