London, UK, Oct. 08, 2020 (GLOBE NEWSWIRE) — While the COVID-19 outbreak continues to spark uncertainty throughout the economy, a growing number of ambitious entrepreneurs are using the pandemic as a unique opportunity to design, build, and develop their own businesses from the ground up. Following a worrying period of job losses, the number of new businesses being registered with Companies House is understood to have experienced a 50% year-on-year increase, with many new start-ups securing essential funding through SME finance expert, BizBritain.
A UK-based commercial finance broker, BizBritain has secured funding totalling more than £30 million since the service was first launched in 2012, with an estimated £6 million being distributed over the past 6 months alone during the country’s COVID-19 lockdown. Companies House data suggests that while the number of new businesses initially dropped through March, April, and May, start-up registrations grew to a whopping 77,574 in June 2020, up from 52,779 the year before; a notable 47% increase in new business registrations.
BizBritain is supporting these new SMEs as they work to identify and secure the most suitable and affordable funding options for their ventures. A prime example is that of James and David Hennessy, who both lost their jobs as a direct result of the pandemic. With support from BizBritain, the Hennessy’s launched commercial flooring company Hennessy Flooring in June. BizBritain-secured a working capital loan that enabled Hennessy Flooring to more effectively handle the unprecedented number of orders that came flying in.
“While it is certainly very good news – both for the economy and for people themselves – that those in challenging situations are using a very difficult and uncertain period as a driver of innovation, and as a chance to transform passion into a livelihood, the harsh truth is that early-stage