A HOLYWOOD physiotherapy practice has become one of the first businesses in the north receive funding under the government's Bounce Back Loan Scheme - just 48 hours after filing its application to Barclays Bank.
North Down Physio applied for the BBLS money - which allows businesses affected by the coronavirus situation to borrow between £2,000 and £50,000 - on the day of its launch on Monday.
And owner Julia Webster, whose business has been closed for more than six weeks, confirmed that by Wednesday the cash was already in its bank,
Adrian Doran, head of Barclays in Northern Ireland, said: “Across the UK we'll already approved tens of thousands of Bounce Back Loans, getting much-needed money directly into the bank accounts of small businesses.
“North Down Physio is just one of our Northern Ireland business customers which applied for the scheme and had the funds transferred into their account in less than two working days.”
Across the UK, some 130,000 applications were lodged on Monday alone, with more than half - worth around £2 billion - being processed and paid in the first 24 hours.
Julia Webster said: “My practice supports 14 jobs, and it was fantastic to have the money in my account so fast.
“With the cushion and reassurance that this finance gives us, we are now looking at how we can adapt to come out of this safely.
“One of the biggest unforeseen investments I’ve made is in PPE equipment which will give both our clients and staff a level of protection and confidence to access their treatment. Current market forces make this a very expensive but wholly necessary overhead for a business like ours.”
The BBLS offers 100 per cent government-backed loans worth up to £50,000, capped at 25 per cent of a firm's turnover, at an interest rate of 2.5 per cent, with the first 12 months payment-free and interest-free.
