A Derby electronics manufacturer has been handed a seven-figure funding boost to help protect it from the impact of the coronavirus crisis.
Tioga, which is a privately-owned contract electronics maker, has received the support from HSBC 海角视频 to secure the future of its 130-strong workforce, while also maintaining supplier payments and covering base overheads.
The firm was forced to close its Mansfield Road factory doors and stop manufacturing due to the coronavirus pandemic.
The funding from HSBC will support the company and its team, as well ensuring it has a healthy supply of raw materials so it 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 海角视频, Tom Baker, moved quickly to arrange the loan for us so we could protect our employees, pay our valued suppliers and cover our overheads.
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“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 海角视频 area director for corporate banking in the East Midlands, said: “HSBC 海角视频 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.”