THE PANDEMIC is not getting small businesses down, according to Virgin Money.
It said more than one in four small- to medium-sized businesses (SMEs) plan to invest more money in the coming year ahead, as they gear up for a post-pandemic world.
Virgin Money reported 27% of entrepreneurs want to invest more than in a typical pre-coronavirus year. and more than a third (35%) of SMEs are planning to inject between £10,000 and £10 million.
It also found that more businesses were created than ever before in the last three months of 2020, as the annual growth rate for registered companies surged to 8.3%.
Gavin Opperman, group business director at Virgin Money, said: “It has been an incredibly challenging environment over the last 12 months, but our latest research shows that many firms have adapted with incredible pace to the new environment, demonstrating extreme resilience and innovation to navigate through the difficult landscape.
“While there are undoubtedly significant challenges ahead, many businesses remain optimistic and intend to invest for the future as the economy recovers.
“We will always be led by our customers, evolving our approach to help them plan and finance the changes needed for whatever the future brings.”
Virgin Money’s research also reported that nearly one in five (18%) of SMEs plan to employ more people in 2021 as they look to grow.
