Ben Hope, Co-Founder of Battersea Spanish, said: “We were about to embark on an exciting expansion prior to COVID-19 but needed to quickly adapt to the changing situation. The new HSBC UK loan has enabled us to bridge the gap of day-to-day expenses and make necessary investments in our website and technology to move our business online in the short-term, as well as providing the funds required to move to our new premises when the moment is right.”
The Spanish school was previously set to expand by using financial support from HSBC UK to lease new premises which gave the school additional classroom and studio space. In recent weeks, Battersea Spanish has been forced to put these plans on hold and instead find alternative ways to provide its 12 instructors with continued work and keep its 500 students engaged from home.
Richard Gimblett, Area Director for Business Banking in London City, HSBC UK, added: “As an existing customer on the verge of expansion, we were keen to continue supporting the growth of Battersea Spanish, despite the challenges it’s currently facing. We are committed to supporting UK businesses through these challenging times and our CBILS offer will now enable Battersea Spanish to quickly modify its business and continue delivering education and dance classes to people at home, as well as securing employment for its 12 instructors.”
With the loan in place, the school has been able to pay six months’ rental deposit on its new premises and cover the moving and fit-out costs. The loan will also guarantee staff wages and business expenses for the next three months and includes £10,000 for its website redesign, allowing the business to invest in new technology to support the delivery of online learning and virtual classes.
For more information about how we’re helping business customers, please visit our Coronavirus guidance and support page.Battersea Spanish school goes virtual with support from HSBC UK during COVID-19