Customers already putting cash to use

TESTIMONIALS on the bank’s website tell how it is already supporting customers.

The bank’s loan portfolio was set up in

2016 with a Regional Growth Fund grant of £950,000, and was administered by Local First Community Interest Company – with Eastleigh council being responsible.

By March 2017 it had already dished out £1.145m in loans to 13 companies, largely in Winchester and Eastleigh.

All but one debtor paid up. The one who did not went bust, causing a £46,000 loss to Local First CIC, which had been administering the loans.

In February 2019, Eastleigh council moved its Green Growth Loans to HCB.

Around 115 jobs have been created through the use of funds loaned out, with 156 jobs retained.

Among the companies to receive a loan is Turbulent Simulations based at Langstone Technology Park in Havant.

The company boasts the Royal Navy, Lockheed Martin, Microsoft, BP and Royal Caribbean International among its clients.

Director Trevor Linn said when it needed a loan in 2016 ‘the community bank was the only bank at that time that would back us to remain in business’.

In the testimonial he added: ‘Since our first loan we have expanded and repaid the first loan now.

‘Turbulent have developed the site and have expanded into new markets designing and visual systems for sensor reading and have a client range from Lockheed Martin, BP, Royal Caribbean to name just a few.

‘Covid-19 has hit our market hard and Hampshire Bank has been excellent for helping our company. They contacted us to see if we wanted to pay interest-only to keep our cash flow in good shape. This has been a blessing.

‘Now we are looking forward to… when we all hope the market will come back and we will be ready to move forward again.’