Governments small business support packages labelled confusing by 73%


New research has shown that almost three in four people feel that the government’s business support packages were confusing.

Additionally, 85% of respondents said that the measures launched to help businesses combat the impact of the pandemic were still not enough to give them the support they needed.

The latest measures, announced last week by chancellor Rishi Sunak, included a more generous coronavirus Job Support Scheme that reduced the employer contribution and minimum hour requirements.

Many have told Tommys Tax that that they were still not eligible for any government support at all, while others said that it was a “disgrace” that government funding would only cover 40 per cent of their average monthly trading profits across three months.

Where can businesses turn for extra support?

If you are confused about what is available, it’s best to talk to an expert as soon as possible. Small business support groups, accountants and your own bank are all great places to start.

It’s also important to remember that just because you may qualify for a certain type of support, that doesn’t mean it’s the best option for your business.

Treat the exercise of looking for financial support for your business as you would at any other time, by reviewing all the options and making the choice that will give your business the most benefit.

Whether you are eligible for the range of government support or not, it may also be worth exploring which funding options might support your business.

As an independent, FCA-regulated commercial finance broker we specialise in helping businesses find the right funding solution, and at a time when many people are confused and nervous about the future, our services could be the support you’re looking for.

If you’re searching for new funding for your business or looking to review any existing facilities, we can help. Contact us today on 0800 9774833 or request a call back to find the best solutions for your business’s particular needs.


Some of the funders we work with

  • Lloyds Bank Commercial Finance
  • Sonovate
  • Creative Capital
  • Ultimate Finance Group
  • Barclays
  • Asset Advantage
  • PNC Business Credit
  • Metro Bank SME Finance
  • Santander Corporate & Commercial
  • iwoca
  • Giant
  • Berkeley Trade Finance Ltd
  • MarketFinance
  • FIBR Tech Limited
  • Bibby Financial Services
  • Time Finance
  • Trade Finance Partners
  • Secure Trust Bank
  • Shawbrook Business Credit
  • Pulse Cashflow Finance
  • Haydock Finance Ltd
  • Davenham Asset Finance
  • Partnership Invoice Finance
  • Calverton Finance
  • Peak Cashflow
  • Merchant Money
  • Close Brothers Invoice Finance
  • Roma Finance
  • ABN AMRO Commercial Finance
  • Aldermore Invoice Finance
  • inFund
  • Regency Factors
  • Skipton Business Finance
  • Royal Bank of Scotland
  • Boost Capital
  • Leumi ABL
  • MaxCap
  • 4Syte
  • Nucleus Commercial Finance
  • InvoCap
  • Woodsford Tradebridge
  • IGF Invoice Finance
  • Investec
  • Optimum Finance
  • Team Factors
  • Davenham Trade Finance

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