Region: South West
Programme: Bounce Back Loan Scheme
Aiming to provide its customers with greener, more economical transport options, this electric vehicle retailer found itself in urgent need of financial support as lockdowns and travel restrictions reduced the need for transport. The loan helped the business first cover costs, and then scale its operations by hiring new staff and expanding its store.
Read what the business had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Nilloy Howlader, Marketing and Sales Manager at EcoMove said:We want to provide Bristol with a more affordable and greener lifestyle, by introducing them to environmentally friendly modes of transport. Our e-mopeds, e-bikes & e-scooters offer a fantastic solution to this growing city – not just in reducing travel costs, but also easing traffic.
How did COVID-19 affect your business, and why did this mean you needed funding?
With the COVID-19 lockdown taking a lot of people off the streets, there was less need for people to be travelling around and therefore less customers looking to invest in electric transport. Due to this, we were left hanging and urgently needed some financial support, which is when we applied for a Bounce Back Loan.
What did you think would have happened to your business if your application hadn’t been approved?
We were very happy that our application was approved, otherwise we could not have brought in stock, and we would not have been able to go ahead with a store refurbishment.
The loan came at the perfect time, right as we were in the process of securing the sole rights in the UK to sell an urban e-bike – the Muto Multi-Purpose, Step-Through Electric Bike.
This then allowed us to further expand our selection of electric vehicles, adding on to our revolutionary range of NIU e-mopeds. The Bounce Back Loan also gave us the opportunity to expand our store and consequently hire new staff to manage scaling up effectively.
Nilloy Howlader, Marketing and Sales Manager at EcoMove
Without this loan it would really have been a struggle to expand our EcoMove Group and branch out into new channels.
Did the Bounce Back Loan allow you to feel more optimistic about the future of your business?
100%, yes. The Bounce Back Loan Scheme encouraged us to go all the way with EcoMove!
How helpful have you found the repayment terms for your Bounce Back Loan?
Very helpful, we didn’t feel pressured at all.