Women business owners could be making even greater sacrifices than their male counterparts in 2020 as they contend with challenges from the pandemic, a new survey of small business owners has found.
The research, undertaken by European small business lender, iwoca, found that in the coming year a large majority (60%) of female small business owners do not expect to take time off work, whereas under half (47%) of men don’t expect to.
The research found that nearly a quarter of women-owned businesses are still closed following the lockdown, with 23% reporting they are not trading, compared with just 14% of male-owned businesses. Women were less likely than men to report having returned to pre-Covid activity, with 14% of women reporting business was at normal levels compared with 21% of men.
This could have wider implications for the UK economy as, according to the Department for Business, Energy and Industrial Strategy, women-led SMEs are estimated to contribute around GBP 85 billion to economic output.
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