Tioga, a Derbyshire-based electronics manufacturer, has secured a seven-figure facility from HSBC UK to help protect the future of its 130-strong local workforce, maintain supplier payments and cover base overheads.
The privately-owned contract electronics manufacturer 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.”