It was approved the same day and we received the funds the day after.
Once we’d done that, the application was dealt with over the phone. The first part of the application was submitting a spreadsheet that outlined our cashflow forecast for the following three months. How long did the application process take? Did you need any support? We applied for a Bounce Back Loan to make up that shortfall in revenue, as we needed money to cover overheads, loans and supplier invoices. Within a few days of the Government announcing its plans to implement the lockdown, our orders dropped to less than 10% of their normal level. What problems were you facing as a result of the outbreak and what made you apply for BBLS support? The coronavirus has affected a huge number of businesses across the UK. Ian Forsyth, director of Forsyth and Steele: We provide a design and print service to businesses across a wide range of sectors, such as hospitality, manufacturing, education and the public sector. Read what it had to say in this BBLS case study.īritish Business Bank: Can you tell us what your company does? Needing funds to pay invoices and meet loan repayments, the Blackpool printing company applied to the Bounce Back Loan Scheme (BBLS) for support. When the Government announced plans to close businesses to help combat the spread of COVID-19, Forsyth and Steele saw its incoming orders dwindle almost immediately.
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