Forsyth and Steele
Skipton Business Finance
Region: North West
Programme: Bounce Back Loan Scheme
When the Government announced plans to close businesses to help combat the spread of COVID-19, Forsyth and Steele saw its incoming orders dwindle almost immediately. Needing funds to pay invoices and meet loan repayments, the Blackpool printing company applied to the Bounce Back Loan Scheme (BBLS) for support.
Read what it had to say in this BBLS case study.
British Business Bank: Can you tell us what your company does?
Ian Forsyth, director of Forsyth and Steele: We provide a design and print service to businesses across a wide range of sectors, such as hospitality, manufacturing, education and the public sector.
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?
Within a few days of the Government announcing its plans to implement the lockdown, our orders dropped to less than 10% of their normal level. We applied for a Bounce Back Loan to make up that shortfall in revenue, as we needed money to cover overheads, loans and supplier invoices.
How long did the application process take? Did you need any support?
The first part of the application was submitting a spreadsheet that outlined our cashflow forecast for the following three months. Once we’d done that, the application was dealt with over the phone. It was approved the same day and we received the funds the day after.
We’re lucky in that we have a good relationship with our lender. Many other businesses aren’t so fortunate, which is why I’d recommend having a realistic cashflow plan in place before applying for a Bounce Back Loan.
lan Forsyth, director of Forsyth and Steele
What advice would you give to other businesses that are applying for a Bounce Back Loan?
Our business was lucky in that it already had a good relationship with Skipton Business Finance, the lender. I know many people personally who haven’t been so lucky, so the advice I’d offer is to have a realistic cashflow plan in place before applying for a loan.
How has the Bounce Back Loan helped your business to weather the outbreak? And what might have happened if you hadn’t received it?
Access to the Bounce Back Loan Scheme, and the support that Skipton Business Finance provided throughout the application process, has allowed our business to continue operating and our loyal staff to remain in their jobs. Without the funds, it’s likely we’d have ceased trading altogether.