Two out of three manufacturers running out of cash

Two out of three manufacturers have seen orders halve in past 30 days and similar number will run out of money before end of month without support

By Daily Mail City & Finance Reporter

Published: | Updated:

Two out of three manufacturers have seen orders halve in the past 30 days and a similar number will run out of money before the end of the month without support, a study suggests. 

A survey of over 850 small and medium sized firms by business lender Market Finance indicated that most have less than £50,000. 

Struggle: A survey of over 850 small and medium sized firms by business lender Market Finance indicated that most have less than £50,000

Half want money through the Coronavirus Business Interruption Loan Scheme. One in three is seeking an average loan of £62,500, 4 per cent wanted a £10,000 loan, while 3 per cent said they needed £300,000, the research indicated. 

Market Finance boss Anil Stocker said: ‘Orders are down and unlikely to recover much this year. A number of firms have shut their doors and some are pivoting to make products that support the effort to contain the virus. 

‘It’s imperative we back these businesses.’ 

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