{"id":155123,"date":"2023-07-28T11:40:23","date_gmt":"2023-07-28T10:40:23","guid":{"rendered":"https:\/\/startups.co.uk\/?p=155123"},"modified":"2023-07-28T11:40:23","modified_gmt":"2023-07-28T11:40:23","slug":"personal-savings","status":"publish","type":"post","link":"https:\/\/startups.co.uk\/news\/personal-savings\/","title":{"rendered":"1.5 million business owners consider propping up their businesses with personal savings"},"content":{"rendered":"

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\n \n \n 13th September 2023 update <\/span>\n <\/div>\n \n
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In a significant move to bolster small businesses across the United Kingdom, the UK government has allocated £1 billion<\/strong><\/a> through its <\/span>Start Up Loans scheme<\/b>.<\/span><\/p>\n

The government website also notes that successful applicants will receive <\/span>free support and guidance<\/b> to help write their <\/span>business plans, and up to <\/span>12 months of free mentoring<\/b>.<\/span><\/p>\n

To apply for a government-backed Start Up Loan of <\/span>£500 to £25,000<\/b> to start or grow your business, <\/span>click here<\/b><\/a>.<\/span><\/p>\n <\/div>\n <\/div>\n[vc_column_text]In the midst of dire financial conditions, approximately 1.5 million SMEs in the UK are contemplating dipping into their <\/span>personal savings<\/b><\/a> to keep their businesses afloat. <\/span>\n

A staggering 26% of small business owners also fear that they may have to close down if the outlook for their enterprises does not improve.<\/span><\/p>\n

A recent SME insights report by <\/span>Simply Business<\/b>, a small business insurance provider, sheds light on the challenges faced by UK small and medium-sized enterprises. <\/span><\/p>\n

The root of the problem<\/h3>\n

The findings, gathered from the responses of over 1000 small business owners, underscore the current predicaments. For business owners, the current crisis may be only survivable by raising prices (during this categorically tough period to do so for customers), going into <\/span>survival mode<\/b><\/a>, or deploying their own personal bail-outs.<\/span><\/p>\n

The key findings of the Simply Business <\/span>report<\/b><\/a> are as follows:<\/span><\/p>\n