130 jobs safeguarded after manufacturer lands seven-figure loan
Some 130 jobs have been safeguarded after Tioga, the Derbyshire-based electronics manufacturer, secured a seven-figure funding package from HSBC.
Tioga was forced to close its factory doors and stop manufacturing due to the coronavirus pandemic. The funding will be used to support the company and buy raw materials so the firm 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.”
