Tioga, a Derbyshire-based electronics manufacturer, has secured a seven-figure facility from HSBC UK to help protect the future of its 130-strong highly-skilled local workforce, maintain supplier payments and cover base overheads.
One of the UK’s leading privately-owned contract electronics manufacturer’s, Tioga was forced to close its factory doors and stop manufacturing due to the coronavirus pandemic. The funding from HSBC UK will support the company and its colleagues during these uncertain times, as well ensuring it has a healthy supply of raw materials so can distribute products to customers quickly once it reopens for business.
Dean Hallam, Group Chief Financial Officer at Tioga, said:
“Like so many other businesses, we had to temporarily bring manufacturing to a halt a few weeks ago. Our Relationship Director at HSBC UK, Tom Baker, moved quickly to arrange the loan for us so we could protect our employees, pay our valued suppliers and cover our overheads. We were relieved to be one of the first businesses in the East Midlands to secure CBILS funding and were delighted to be asked to join a call with the Cabinet Office to discuss our experience.”
Liz Fuge, HSBC UK Area Director East Midlands Corporate Banking, added:
“HSBC UK is committed to supporting its customers during this period of uncertainty. We were delighted to be one of the first lenders to offer support in the East Midlands region and to Tioga which will enable the business to quickly kickstart operations when appropriate.”
HSBC UK is working closely with the Government and UK Finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
The new measures build upon the package of support that HSBC UK has already announced for business customers:
- Launched BBLS, CBILS, CLBILS and CCFF
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – As of 1st April we will no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Offering companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
- We have also extended that support to customers that can give immediate help to essential public services and vulnerable people. We are contacting clients involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- We will also offer similar terms to clients involved in the wholesale of food.
- Our relationship managers have been proactively contacting customers to see what help their businesses need.
- We’ve launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
- For businesses trading internationally:
- £3bn to importers and exporters that need additional support
- pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record
- a one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster
- a dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9am – 5pm Monday to Friday), in addition to the support being offered by relationship managers