Programme: Bounce Back Loan Scheme
As the UK started to observe social distancing, health and fitness company Ace Lifestyle saw its customer base decline. People cutting back on outgoings meant personal training services were no longer a priority. With its revenue falling dramatically, the business sought financial support 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?
Anna Schuchman, director: We offer personal training, nutrition coaching and full-body transformations, as well as classes for teenagers and women. We also offer corporate workshops and education.
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 COVID-19 outbreak meant a lot of customers no longer needed our services, whether that was because they were socially distancing or because they didn’t have the money to fund their own personal training. As a result, we lost a large portion of our usual revenue, and this was the reason we decided to apply to the Bounce Back Loan Scheme for financial support.
The application was really quick and the money was in our bank within two working days. The loan will keep us ticking over until things return to normal.
Anna Schuchman, director of Ace Lifestyle
How long did the application process take? Did you need any support?
The application was very quick, and straightforward enough that we didn’t need any support to complete it. The whole process took less than 10 minutes and the money was in our bank within two working days.
What advice would you give to other businesses that are applying for a Bounce Back Loan?
I’d simply encourage them to do it! The eligibility conditions of the scheme are excellent and the application process is really easy.
How has the Bounce Back Loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
The loan will keep us ticking over until things pick up again and return to normal. And it’s also given us a much better chance of staying in business in the future. Like many companies right now, we might not have survived if we didn’t receive some form of financial support.