It found that 21% of business owners have been using their personal savings to cover costs instead of taking advantage of business loans or grants to finance their reopening.
One of the options open to small businesses is the government's Bounce Back Loans.
“The last few months have been a turbulent time for businesses both large and small across the country,” said Chirag Shah, CEO of Nucleus Commercial Finance.
“Not only has the loss of income been devastating for many SMEs, but those businesses that are able to reopen in some capacity now face significant costs to ensure they can operate safely, putting a further strain on business finance.”
According to the CBILS (Coronavirus Business Interruption Loan Scheme) provider, staff salaries account for 33% of the costs, which is expected to increase in October when the current furlough scheme ends.
The research found the biggest cost was implementing new health and safety measures, and accounted for 44% of reopening costs.
The research also calculated that businesses are suffering losses at an average of £251,471 in total.