A package of business support to help with mental wellbeing has been launched by Barclays.

The bank will host classes aiming to help firms with managing cash flow, growing their business and providing wellbeing support.

Classes are open to all small business owners, Barclays said, with national events providing Scottish business support focused on the hospitality and care home sectors.

The UK-wide drive is in response to new research conducted by Barclays, which has highlighted the impact of the pandemic on UK small business owners, with over a quarter revealing that their mental health has declined during the pandemic.

Over the last two years, 80% of Scottish small businesses that took on debt did so for the first time, the majority through government lending schemes.

And whilst 81% of small Scottish firms said they were optimistic about the future of their business and repaying loans, 32% say that taking on debt for the first time made them feel worried or anxious.

Almost three quarters (72%) of SMEs in Scotland are also owed money from late payments, with unpaid invoices constraining cash flow.

Hannah Bernard, Head of Business Banking at Barclays, said: “Everyone at Barclays is incredibly passionate about supporting small businesses the length and breadth of the UK. Our number one priority is to help businesses to not just recover from the pandemic, but to make a solid growth plan for the future.

“There is no one size fits all solution to the challenge, but we hope the steps we’ve taken to provide hundreds of expert masterclasses and hire additional colleagues will make a real difference.

“We’re here to help, and we want any business owner who might be worried about the future of their business to reach out to us early.”

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The pandemic has had a detrimental effect on people across the business landscape, including in a variety of tech sectors.

Home working, in particularly, has been difficult during the pandemic as staff took their work home. Staying online longer than typical work hours, being surrounded by distractions and general workplace stress have all taken their toll.

According to previous research, around 75% of people have experienced some form of ‘burnout’ at work, with almost half blaming the pandemic. Additionally, a pre-pandemic study carried out by Harvard Business Review showed that 40% of people feel isolated at work – an issue which has likely been exacerbated by the pandemic.

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