PSM Instrumentation receives HSBC funding during Covid-19
PSM Instrumentation, a manufacturer of instruments for the marine industry, has secured a loan from HSBC UK through the Coronavirus Business Interruption Loan Scheme (CBILS) to help it trade through the Covid-19 pandemic.
The company, which is based in Haywards Heath, manufactures and exports instruments for the marine industry, serving a wide range of vessels such as cruise ships, naval ships and oil tankers, as well as many others, across 40 countries worldwide.
As shipyards across the world closed, the company’s shipments were put on hold until operations could be restarted. The six-figure funding from HSBC UK helped the company trade through this difficult period.
John Bullivant, Managing Director at PSM Instrumentation, says: “We’ve been a longstanding customer of HSBC UK and over the course of our relationship, the bank’s team have consistently demonstrated their understanding of our business needs and helped us facilitate growth. Once the coronavirus pandemic began to impact the business, we were confident in seeking the bank’s support and impressed by how easy the application for the loan was. We can now focus on the business and continue supporting our clients.”
HSBC UK says it’s working closely with the Government and UK finance to identify emerging issues and make sure customers and businesses have the advice and support they need. For businesses trading internationally it’s given pre-approved 60-day extensions on trade loans for customers with a sound trade loan/financing record, a one-hour turnaround on the issuance of Shipping Guarantees, enabling customers to transfer or receive goods from their counterparty faster, and the company’s created a dedicated helpline that connects directly with trade finance specialists (0800 783 1300).
