I recently interviewed some small business owners in the UK regarding the challenges and issues they faced to secure governmental funding during the initial and subsequent lockdowns and restrictions caused by the Covid-19 pandemic. In particular, I asked businesswomen how they navigated the funding arena to meet operating costs during the restrictions and where they were able to find funding.
I share some of what I learned from these conversations here and in our FUNDED magazine to provide insights on how small business owners can get a handle on securing funding in the event of future pandemics.
In terms of funding, given the multitude of sources and types on offer after the onset of the pandemic, I asked interviewees about which types of funding they found the most attractive. Small business owners told me that they prioritized seeking grant funding over loans or financing that had to be repaid. While this is obviously always preferable, the uncertainty of the Covid situation made grants even more appealing. In the rest of the article, I delve into some other issues that emerged from my conversations with small business owners in the UK.