Assynt Corporate Finance, a member of The Corporate Finance Network in Hertfordshire, has advised a security business on raising a £50,000 Bounce Back loan.
Andrew Watkin (pictured), a business adviser at Assynt Corporate Finance was speaking to this client about cash flow in general and found out the client was unaware of the ability to apply for a Bounce Back loan from their bank..
Andrew explained that they could borrow these funds for a year, without interest or early repayment penalty.
This appeared a good idea to the client as his sector had been effected by Covid-19 in that certain orders had been placed on hold.
The client applied for the loan using the online application process. The funds were received within 48 hours of application.
The funds have been placed on deposit so as to be able to demonstrate to their bank if needed that the funds have only be used for working capital.