SME’s savings will be wiped out by the summer

A survey conducted by K&H Bank in mid-April has revealed: half of the businesses have been moderately impacted by the coronavirus pandemic, but 44 percent of Hungarian SMEs have been very much affected by it. Tourism suffered the biggest blow as 85 percent of the representatives of the sector said they suffered a severe or irreparable loss because they had been forced to close. Other retail (53 percent) and FMCG retail (48 percent) are the next most affected sectors. 62 percent of SMEs had to introduce special measures to stay on their feet, e.g. 33 percent cut costs by cancelling services. //