2 Faced Aesthetics Ltd
Region: Yorkshire and Humber
Programme: Bounce Back Loan Scheme
Specialising in anti-ageing skin treatments, 2 Faced Aesthetics worried it may not have been able to cover its direct debits when COVID-19 struck. Needing a quick solution, it turned to the Bounce Back Loan Scheme (BBLS) to help.
Read what it had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Lisa Askham, Director at 2 Faced Aesthetics: I provide non-surgical, anti-ageing skin treatments to clients following medical consultations. These treatments include Botox and dermal fillers.
How did COVID-19 affect your business, and why did this mean you needed funding?
I was unable to work over a large part of the pandemic as I had to close from March-July 2020 and at other points after. I initially wanted funding to continue paying my direct debits, rent and other bills. If I didn’t get my rent paid, it could have left me in arrears. However, I also thought I could use the Bounce Back Loan if I needed to purchase products prior to reopening the clinic.
Although I didn’t need to use the funding, the Bounce Back Loan has given me extra security and a guarantee of reserve funds in case I ever need it.
Lisa Askham, director at 2 Faced Aesthetics.
Did the Bounce Back Loan allow you to feel more optimistic about the future of your business?
Yes, the Bounce Back Loan has given me invaluable reassurance.
How helpful have you found the repayment terms for your Bounce Back Loan?
Very, it was easy to understand the amount and length of the loan from the beginning. I was quickly able to understand that it was affordable.
Are you paying back your Bounce Back Loan through one of the Pay As You Grow options? And if so, which option did you choose?
Yes. I chose to extend the loan term from six years to 10 years, at the same fixed interest rate of 2.5%.
How do the Pay As You Grow options benefit you in terms of repaying your Bounce Back Loan? Will they help your business get back on track?
The Bounce Back Loan will continue to support my business as and when required. The Pay As You Grow option I chose will enable me to pay off small amounts, that I am able to afford, without having to pay a high interest rate. It will continue to give me added reassurance while there’s still uncertainty, as I know that extra funding is there if I need it.