A supplier of specialist vehicle equipment has secured a new £525,000 funding package from HSBC UK.
Spillard Safety Systems will use the new loan to help maintain critical supplier payments during lockdown.
The business, which mainly operates in the transport and quarrying sectors, supplies a wide range of vehicle safety products to companies such as JCB, DHL and Volvo.
This new funding will allow Wolverhampton-based Spillard Safety Systems to maintain its payments during the coronavirus pandemic to 40 different suppliers across the UK and China as well as helping to ensure its furloughed colleagues receive their full salaries.
The loan from HSBC UK is part of the bank's Coronavirus Business Interruption Loan Scheme which is available for existing customers with a group turnover of up to £45 million.
Craig Spillard, finance director at Spillard Safety Systems, said: "The safety of our colleagues is paramount to our business.
"Our drivers travel great lengths of the country and were at risk so we decided to put our business on lockdown a week prior to the Government's official announcement.
"At the same time, we needed to protect the future of our business and thanks to HSBC UK we were able to continue to make supplier payments critical to the future success of our business."
Zena Perry-Hartle, HSBC UK area director of business banking, added: "HSBC UK is committed to supporting its customers during this period of uncertainty.
"We were delighted to provide Spillard Safety Systems additional funding to help them during these unprecedented times, as well as offering financial stability for the company's furloughed colleagues."
