A South West hospice can continue to offer palliative care for hundreds of patients across Somerset and Wiltshire after securing a seven-figure finance facility as part of the Coronavirus Business Interruption Loan Scheme (CBILS), from HSBC UK amid the coronavirus pandemic.
Dorothy House, which was founded in 1976 to provide care for those with life-limiting illnesses, lost two key sources of income after closing its 27 charity shops and cancelling a number of fundraising activities when lockdown measures were announced. It has used the funding to support its depleted cash flow, enabling it to continue to provide free care to around 600 patients at a time when demand for their services is increasing.
Tony DeJaeger, Financial Director at Dorothy House, said:
“Since the beginning of the lockdown period, we have experienced a huge decline in our regular income streams, which are crucial for us to continue operating our hospices across the South West. We are pleased to have HSBC as our banking partner, who have already provided vital funding helping us support our cash flow and ensuring we can operate throughout these tough conditions to support those in our community that really need us. Our Relationship Director, Paul Dowell, has worked closely with us during these challenging times and was able to put the funding in place very quickly so we could adapt to the changing lockdown landscape.”
James Shepherd, Head of Corporate Banking, Bristol, Gloucestershire and Wiltshire, HSBC UK, added:
“Dorothy House is a well-established charity with deep roots in the South West and the number of people it supports across the region every year is astounding. We are pleased to play a part in supporting the team through this challenging time, enabling the charity to continue its excellent care despite the lockdown. We look forward to continuing our relationship in the future.”
Dorothy House operates hospices and charity shops across 700 sq. miles of the South West and employs almost 1,500 paid and voluntary staff.
To find out more about Dorothy House, please visit: https://www.dorothyhouse.org.uk/.
HSBC UK is 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 tips and advice for businesses around planning for any possible disruption, visit www.business.hsbc.com/novel-coronavirus.
The new measures build upon the package of support that HSBC UK has already announced for business customers:
- Launched BBLS, CBILS, CLBILS and CCFF
- Allocated £5bn to help businesses that need support
- Removed the £100 Small Business Loan fee to relieve the pressure faced by SMEs across the country
- Removed informal overdraft fees – As of 1st April we will no longer apply any Informal Overdraft fees
- Offering repayment holidays to free up cash within businesses
- Stopped all unauthorised overdraft charges
- Reviewing overdrafts or trade loans to allow stock to be held for longer
- Offering companies involved in the supply and manufacture of ventilators preferential pricing, extended repayment terms on loans and fast track approval times to support the unprecedented demand on UK hospitals.
- We have also extended that support to customers that can give immediate help to essential public services and vulnerable people. We are contacting clients involved in the manufacture and supply of Personal Protective Equipment to offer preferential finance and, where possible, the direct purchase of supplies and equipment for essential public services.
- We will also offer similar terms to clients involved in the wholesale of food.
- Our relationship managers have been proactively contacting customers to see what help their businesses need.
- We’ve launched a coronavirus helpline to support any customer queries and a dedicated coronavirus hub on our website.
For businesses trading internationally:
- £3bn to importers and exporters that need additional support
- 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
- a dedicated helpline that connects directly with trade finance specialists (0800 783 1300, open 9am – 5pm Monday to Friday), in addition to the support being offered by relationship managers