Success Story
| Region/Nation | North East |
|---|---|
| Programme | Bounce Back Loan Scheme (BBLS) |
| Partner |
Based in the heart of Newcastle, this clothing retailer turned to the Bounce Back Loan Scheme (BBLS) as the city locked down and trading stopped.
Read what the business had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Brian Smith, owner of Leaf Clothing: We stock and sell a range of menswear, ladieswear and footwear. We describe the style of our range as classic with a twist, selling brands including Scotch & Soda and MAC Jeans. We don’t sell online as we feel clothes should be seen, felt, and tried on.
How did COVID-19 affect your business, and why did this mean you needed funding?
Because we don’t sell our products online, we struggled with lockdowns as we didn’t generate any income at all. We’ve been in business since 1978, so I hoped that we would’ve been able to survive, but I wanted to secure funding and looked to the Bounce Back Loan Scheme as a result.
I’d hope we would have got through the lockdowns, but the Bounce Back Loan definitely helped us. - Brian Smith owner of Leaf Clothing
Can you provide a specific example of how you used the funding to bring about a positive change (or changes) to your business?
The funding meant we were able to pay our suppliers early and, as a result, discounts could be applied to the stock we were bringing in. Little things like this allowed us to reduce costs.
Did the Bounce Back Loan allow you to feel more optimistic about the future of your business?
Yes, I definitely feel more optimistic about the future because of the Bounce Back Loan.
How helpful have you found the repayment terms for your Bounce Back Loan?
Very helpful. We’ve paid off £10,000 of the loan already and are hoping to have paid the rest of the balance by January 2022.
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