Epsom-based Edward Thomas and Son Coaches has taken up the Coronavirus Business Interruption Loan Scheme (CBILS) and received £140,000 from HSBC UK.
HSBC UK has worked with the Surrey operator for over 37 years. The loan will cover its costs until October 2020 and allow the business to continue to operate through the coronavirus COVID-19 pandemic. All current and future bookings have been suspended because of the virus.
The loan has also ensured that the jobs of 50 employees at Edward Thomas and Son are protected. It is now focusing on securing bookings from September onwards.
Says Owner Ivan Thomas: “We were devastated when we had to stop taking bookings, not knowing when we would be operating again, so we were determined to ensure that we stayed afloat during this time and secure our survival.
“We’ve had a great relationship with HSBC UK and have banked with it for many years. We are extremely thankful for its swift, efficient and straightforward approach when we needed it most. CBILS is crucial to our survival. We are looking forward to the time when we can welcome customers back,” adds Mr Thomas.
HSBC UK Area Director for Business Banking in South London David Hamblin says that the CBILS support was processed “within days.”
The scheme includes an interest free period of 12 months, no loan arrangement fee or loan prepayment fee should the company wish to repay early and repayment over any period of up to six years, among other benefits.