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Access to Finance and the Impact of COVID-19 Report- 2021

In May and June 2021, BLP surveyed over 500 small business owners across 13 Pacific Island Countries. We wanted to hear from SMEs the extent of the impact of COVID-19 on their business, identify what support is currently available, and learn the strategies that SMEs have employed to survive.

New findings from BLP’s Pacific Island Financial Survey continue to show that the COVID-19 pandemic has generated unprecedented challenges for businesses; for instance, 86.3% reported a decrease in turnover, and 84.0% reported a decrease in profitability. 

However, 38% reported some positive results. These were primarily businesses in the services and agricultural industries, which appear to be adapting to the new business climate, utilising new technology and digital marketing techniques to cater to new markets both locally and online.

One message from the SME sector is loud and clear; the need for financial and business support is huge and unprecedented. 

Since the COVID-19 crisis began, SMEs appear to be considering a wide range of finance options; more than 80% of SMEs surveyed are currently seeking financial support. This is mainly for working capital, but also to maintain jobs and keep the doors open. 

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BLP connects growing businesses in the Pacific Islands with quality advice. We assist enterprises in all sectors to access the support they need to grow.

You will have exclusive access to financial subsidies, professional development opportunities and could become a BLP accredited business.

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