Funding Circle claims pandemic has sparked family business revival
The traditional family business has made a comeback during the coronavirus pandemic, Funding Circle has claimed.
A survey of 500 small business owners by the peer-to-peer business lender has found almost a quarter have employed relatives in recent months.
Almost half (46 per cent) said they hired their partner and 55 per cent have recruited a sibling.
One in 10 have even asked for help from their in-laws.
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The reasons given for hiring relatives was the need for extra help during lockdown and because family members had the required skills.
Other reasons included a family member wanting to gain work experience or because they were struggling to find work after finishing education during the pandemic.
When it came to family perks, 41 per cent of bosses admitted they gave their family member flexible hours, 24 per cent offered longer breaks and 30 per cent even gave them a free lunch.
“Family sits at the heart of many successful small businesses,” Lisa Jacobs (pictured), UK managing director for Funding Circle, said.
“One of the silver linings of this crisis might be a revival of the traditional family business, with relatives spending more time together as business colleagues and partners as well as at home.”
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