Businesses in Suffolk having harder time now than during the pandemic
This is according to the Federation of Small Businesses
Businesses in Suffolk are still struggling to stay afloat due to the continued impact of the cost of living crisis, this is according to the Federation of Small Businesses (FSB).
Candy Richards from the FSB explained how during the pandemic there were multiple grants and support available to keep businesses afloat. However, they have now stopped. These include the following.
- "Omicron Hospitality and Leisure Grant - closed March 2022
- Additional Restrictions Support Grant - closed March 2022
- Restart Grant - closed June 2021
- Local Restrictions Support Grants and Christmas support payments - closed 2021
- Small Business Grants Fund - closed August 2020
- Retail, Hospitality and Leisure Business Grants Fund - closed August 2020
- Local Authority Discretionary Grants Fund - closed August 2020"
She told us how in some aspects these grants were a lifeline for many businesses at the time, but without them and with the cost of living crisis continuing, businesses have still not seen revenue return to pre-pandemic levels.
Additionally, she revealed another contributing factor was households simply don't have as much disposable income to spend in areas like hospitality and tourism due to bills, inflation and high household expenses.
According to the Office for National Statistics, over 60% of adults (62%) in Great Britain said they were spending less on non-essentials because of the cost of living crisis.
"Some small businesses are dependent on having a successful bank holiday."
Candy is encouraging people this bank holiday to go out and explore the local region and visit small businesses to support them as this is often an opportunity for them to "recoup a huge amount of their annual revenue."