Funding for SMEs is key for the UK’s economic recovery

Edd Hatfield, financial director at BOOST&Co, says: “The steady rise of strong, innovative companies will continue to help the UK’s economic recovery following the devastation from 15 months of lockdown restrictions. While this year has seen a few major corporations fail, there are a significant number of smaller, agile firms that continue to go from strength to strength.

“A healthy appetite for business coupled with proven ability to adapt to the challenges of the pandemic, has placed these businesses at the centre of the economic upturn we are currently witnessing – and the boom that is predicted throughout the rest of this year.

“Funding will be imperative to support these firms through continued stable growth so that they can maintain their expansion as the economy ebbs and flows. As we have seen during the Coronavirus Business Interruption Loan Scheme, high street banks are still off-risk, so we feel it is important to assure companies that there are other viable options for growth funding and loans.

“Some firms have not only adapted but thrived in the past year, demonstrating that perseverance and innovation can overcome even the largest of obstacles. These businesses cannot be allowed to fall through the funding cracks, as it will have a critical impact on the UK’s economic recovery.”