Success Story
| Region/Nation | South West |
|---|---|
| Programme | Bounce Back Loan Scheme (BBLS) |
| Partner |
The COVID-19 shutdown prevented people from moving house and businesses relocating to new premises. This was highly damaging to Cornwall’s Going Places Removals, which saw its trade come to a sudden halt almost overnight. Needing money to pay creditors and cover vital overheads, the company sought help via the Bounce Back Loan Scheme (BBLS).
Read what it had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Daniel Carter, owner of Going Places Removals: We provide a removal, packing and storage service for homeowners and commercial businesses. We’re based in Cornwall and have clients locally, but we also serve customers across the UK and Europe.
The coronavirus has affected a huge number of businesses across the UK. What problems were you facing as a result of the outbreak and what made you apply for BBLS support?
The business was badly affected as house moves and commercial moves stopped as soon as the lockdown began. Although we were able to furlough our staff, we still had to cover monthly costs for vehicles, premises, storage and so on. As we weren’t able to receive a business rates grant, our cashflow was affected quite significantly.
How long did the application process take? Did you need any support?
The application process was quick – 10 minutes – and I didn’t need any assistance to complete it.
The speed of application and the almost instant payment of the loan meant we could keep creditors paid in full. We’re still not back up and running as normal but the assistance with cashflow was very beneficial. - Daniel Carter owner of Going Places Removals
What advice would you give to other businesses that are applying for a Bounce Back Loan?
If your business needs working capital to get through this testing period, then it’s really worth applying for a Bounce Back Loan. Filling in the application form was very easy and the money was in my bank within two days.
How has the Bounce Back Loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
Because the application process took barely any time and the payment of the loan was almost instant, we could pay our creditors for as long as the business was unable to trade. Although we’re still not fully operational, the assistance with cashflow has been very beneficial.
If we hadn’t received the Bounce Back Loan, we would’ve had to seriously consider closing the business and making all our staff redundant. The loan has allowed us to weather the lockdown, and as per the new government directive we’re now able to do removals again to support people in moving house.
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