Success Story
| Region/Nation | North West |
|---|---|
| Programme | Bounce Back Loan Scheme (BBLS) |
| Partner |
Like most hospitality businesses, the Greenhill Hotel was instructed to close its doors to visitors, to help stop the spread of COVID-19. With no date for when it would be able to reopen, and unable to qualify for any government grants, the business found the Bounce Back Loan Scheme (BBLS) to be its best option for financial support.
Read what it had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Wayne Jackson, owner/director of the Greenhill Hotel: What started life in 1804 as a private residence built among nine acres of parkland is now the Greenhill Hotel. We have 12 letting rooms and a restaurant and we also host weddings and other functions.
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?
Once COVID-19 began to have an impact, we were instructed to close the hotel (this was on 23 March) and had no set date for when we’d be allowed to reopen. As we were not eligible for any government business grants, the Bounce Back Loan Scheme seemed to be our most suitable option.
How long did the application process take? Did you need any support?
I completed the application on my own in around 20 minutes, and the funds were in the bank within 14 days.
Without the BBLS, our business and others in the hospitality sector would’ve suffered greatly. We had no other funding and would’ve found it very difficult to get started again after the pandemic. The loan has been a lifeline to us. - Wayne Jackson owner/director of the Greenhill Hotel
What advice would you give to other businesses that are applying for a Bounce Back Loan?
My only advice would be to apply! I found the entire process quick and simple and the terms favourable.
How has the Bounce Back Loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
Without the BBLS, our business and others in the hospitality sector would’ve suffered greatly. As we had no other way of funding ourselves until we were given the go-ahead to reopen, it would’ve been very difficult to get started again after the pandemic.
Worst-case scenario, we may even have been forced into laying off staff or closing down altogether. The loan has been a lifeline to us.
More success stories
Read a success story about Ruuby
An on-demand beauty marketplace, which allows customers to order a host of beauty services to their desired location, has raised £2m to accelerate its growth in the North West by doubling down on its existing operations in Manchester and Liverpool.
Read a success story about Power Roll
Based in Murton, Power Roll, a pioneer in the solar energy transition, has raised £4.3 million in its most recent funding round, including £1.5 million from NPIF II – Maven Equity Finance, which is managed by Maven Capital Partners as part of the Northern Powerhouse Investment Fund II.
Read a success story about Xentra
A fast-growing Leeds cybersecurity company secured a six-figure loan from NPIF II – Mercia Debt Finance, which is managed by Mercia as part of the Northern Powerhouse Investment Fund II (NPIF II).