- Over half (56%) of Scottish SME leaders state purely surviving is a key business goal over the next 6 months.
- 69% of Scottish SMEs say the COVID-19 pandemic has had a long-term negative impact on their business.
- Only 16% of Scottish businesses feel that they have recovered from the impacts of COVID-19 at this point.
London, 6th September 2021: New data from Klarna, the leading global retail bank, payments, and shopping service, has revealed that over half (57%) of SMEs in Scotland are not confident about the future of their business over the coming 24 months.
The findings come from Klarna-commissioned research, surveying over 500 senior managers at SMEs. The research looked at specific issues SME leaders have faced during the COVID-19 pandemic. Worryingly, it found that 56% of businesses have said their goal for the following 6 months is simply to survive.
Scottish businesses have been hit particularly hard by the pandemic, with 69% of SMEs stating COVID-19 led to a longer term negative impact on their business. At some point, 41% of Scottish SMEs did not believe they would survive. Although signs of recovery emerge, returning to pre-pandemic growth levels will be challenging. So far, 84% of Scottish SMEs do not believe that their business has fully recovered from the impacts of the pandemic.
Klarna has recently launched a new £3m Small Business Support Package and Accelerator Programme to help UK SMEs recover from the pandemic. The package will help 100 retail SMEs get back on their feet, with the ten-part accelerator programme alongside to help any UK SME receive access to tips and guidance to help grow their business.
To apply for the fund, please head to: https://www.klarna.com/uk/business/small-business-support-packageApplications are open until 8th September.
To attend the Accelerator Program, head to: https://www.klarna.com/uk/business/small-business-accelerator-programme/
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 501 senior managers in retail. Fieldwork was undertaken between 30th June - 11th July 2021. The survey was carried out online.
About the SME Support Package.
Timing – Competition begins at 14:00 GMT July 28, 2021, and ends at 11:59 PM GMT on Sept 08, 2021
Eligibility – Small Businesses with a turnover of less than £5m turnover, registered in the United Kingdom. Merchants do not have to be integrated Klarna merchants to enter the competition and to participate.
With over 90 million global active users and 2 million transactions a day, Klarna is meeting the changing demands of consumers who want to shop, pay and bank on one intuitive platform and with one trusted brand. Over 250,000 global retail partners, including H&M, Saks, Sephora, Macys, IKEA, Expedia Group, Samsung, ASOS, Peloton, Ralph Lauren, Abercrombie & Fitch, Nike and Shein have enabled Klarna’s innovative shopping experience online and in-store. Klarna is one of the most highly valued private fintechs globally with a valuation of $45.6 billion. Klarna was founded in 2005, has over 4,000 employees and is active in 17 markets. Klarna has been backed by Sequoia Capital since 2010 and more recently, SilverLake, Dragoneer, Bestseller Group, Permira, Ant Group, HMI Capital, TCV, NorthZone, Commonwealth Bank of Australia, Merian Chrysalis Investment Company Limited, funds and accounts managed by BlackRock amongst others.