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A BUSINESS has revealed it will be battling debt for the next ten years due to the impact of Covid-19 and a third national lockdown.
Chancellor Rishi Sunak yesterday announced another £4.6billion of bailouts for businesses – including new grants for retail, hospitality, and leisure firms.
The grants will be worth up to £9,000 per property, the Treasury says.
But small businesses are struggling to survive. with the owner of the Oaktree vegan restaurant in Leigh revealing he will be in debt for years after taking out loans to survive the lockdowns.
Oaktree owner, Jim Anderson, said: “2020 has been a complete rollercoaster. Having to open and close so many times.
“The biggest challenge for us, as a business, has been survival. The financial effects of the lockdowns have taken us to the very brink of financial viability.
“We are now facing another six weeks of closure – with only the option of takeaway to keep us going.
“Unfortunately, the support offered just won’t be enough to cover our overheads so we have had to take out huge loans that will keep us in debt for the next ten years.”
Paul Wohl, owner of Argosy Toys in Westcliff has been left fearing that shopping habits may be changing forever, and not for the better.
He said: “This new lockdown is a huge blow to small business. It’s quite upsetting. Children still have birthdays.
“There parents can’t buy presents here but the toy aisles in Tesco are not closed.
“Shopping habits will shift to people buying everything in supermarkets. We are still selling online but the impact on Royal Mail is that they can’t handle business efficiently at the moment. Our hope is gone. Lights are off, doors are locked, and our dreams are dying.”
Both businesses urged customers to continue supporting them by buying vouchers for future use. £594million is being made available for local authorities to support businesses not eligible for the grants.
