Support for SMEs: Klarna launches £3m fund to support post-pandemic recovery

by | Aug 17, 2021

Klarna have launched a new £3m Small Business Support Package to help British SMEs recover from the pandemic.

The Support Package will provide 100 retail SMEs with access to much needed support across different elements of their business, from office space and customer acquisition to advertising support. Specifically, the fund will provide SMEs with WeWork All Access for 3 months, complimentary use of Klarna’s Pay later products for one year, and £15,000 of Klarna media services. Together this package equates to over £30,000 of support for each business.

 

The recipients of the package will be decided by a hand-picked panel of judges including: Matt Vickers MP for Stockton South and Co-Chair of the APPG on Future of Retail, Alex Marsh Head of UK for Klarna and Mathieu Proust, General Manager, UK, Ireland & Emerging Markets at WeWork.

 

Support will be split across  four categories:

  • Retail Innovator – For the small businesses who have been breaking barriers and bringing innovation to the retail industry
  • Omnichannel trailblazer – For those leading the way on omnichannel retail, and creating exceptional cross-channel experiences for their customers.
  • Sustainability Champion – Celebrating the retailers who have made a commitment to our planet, and champion sustainable retail as part of their business.
  • Pandemic Impact – For those who have been heavily impacted by the pandemic – from physical store closures to impact on demand.

 

The Support Package comes after Klarna commissioned research which highlighted the specific issues senior SME leaders have faced in the past 16 months. It found that nearly two fifths of SMEs didn’t think that they’d survive the pandemic, with a further 39% feeling that they are still yet to recover. The impact on wellbeing is also startling, with 44% of SME leaders noting that pandemic induced business pressures had a negative impact on their mental health.

 

The initiative will also support those who want to make a positive impact on society, notably in sustainability. A third of SMEs want to make a positive contribution to society over the next 6 months, and 50% are committing to focus on sustainability over the next year. As part of its 1% Pledge, Klarna is committed to supporting those who align with their climate goals.

 

“It has been a monumentally difficult year for our SMEs, and as we recover from the pandemic, it’s vital that we can provide all the support we can. Klarna’s £3m Support Package and Accelerator Program will be instrumental in rebuilding business health and confidence and I encourage every SME to get involved.”

– Matt Vickers, MP for Stockton South and Support Package judge

 

Applications are open until 8th September 2021, find out more here.

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