The Co-operative Bank comments on the impact of Coronavirus on UK SMEs

With a rapid increase in confirmed cases across the UK, the NHS England has declared coronavirus a level four incident - the highest level of emergency preparedness planning.

This news highlights concerns for small and medium-sized businesses around how they will be able to cope with the outbreak over the coming months.

Following the statement by UK Finance, issued this morning, on COVID-19, Donald Kerr, Director of SME Banking at The Co-operative Bank said: "We recognise that this is a concerning time for small businesses across the country, as many will be unsure how steps to tackle Coronavirus on a national scale will impact their livelihoods. Small and micro-businesses, in particular, could potentially see an impact on profits and could face staff shortages if employees need to take steps to self-isolate. We have yet to see the broader economic impact this situation will have on the nation’s SMEs but we stand poised to support them.

“As a bank that works closely with SMEs across the country, we have taken action to contact our customers who we’ve identified as most at risk from the issues that the Coronavirus outbreak has raised, including impact on supply chains in the worst-hit areas of the world.

Our Relationship Managers are here to support all of our customers and we want to hear from any SMEs that bank with us to let us know if there is any additional help they need as the situation continues to evolve in the UK. Currently, we’re having conversations with customers to understand if key precautions such as adequate insurances and continuity plans are in place and also understanding if there is any help needed with additional cash flow.”