New data from Klarna, the leading global retail bank, payments, and shopping service, has revealed 47% of SME leaders in London have yet to recover from the pandemic.

• London’s SME business leaders experienced a negative impact to their mental health from the strain of the pandemic
• Half of London’s SMEs say they have yet to recover from the economic fallout of Covid-19
• 1 in 5 SME business leaders in London are lacking confidence for their business’s prospects over the next 2 years
• Research comes as Klarna launches £3mn SME support package

With small businesses having to close their doors to customers due to national lockdowns, the research found that 41% of SME decision-makers in the Capital felt a negative impact on their mental health throughout this time. Business leaders cited supply chain issues, a lack of sales, and the combined impact of the pandemic and Brexit weighing heavily on them during the pandemic.

The nationwide survey of over 500 UK SME leaders revealed that 1 in 5 SME business leaders (18%) in London are feeling pessimistic about the future of their business over the next 2 years. Such was the strain of the pandemic, 41% of SME leaders in London said that they thought their business would not be able to survive 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 a 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-package

Applications are open until 8th September.

To attend the Accelerator Program, head to: https://www.klarna.com/uk/business/small-business-accelerator-programme/