Time Finance, the alternative finance provider to more than 11,000 UK SMEs, has reached another milestone in its ambitious growth strategy, reporting an own book lending reaching a new high of £175m, an 18% increase over the last 12 months.
This continued growth forms part of Time Finance’s five-year medium term strategy, growing its provision of business funding solutions to UK SMEs, including asset finance, invoice finance, business loans, and asset based lending.
As part of this growth, the past year has seen Time Finance expand its invoice finance and asset finance teams with a host of business development, broker and relationship management appointments.
The business’ success throughout the year has also included its first asset based lending (ABL) facility, a £1.1m package to support a growing engineering firm specialising in steelwork, manufacturing and installation. Launched earlier this year, Time Finance’s ABL solution is designed to unlock working capital against debtors, plant and machinery, property and stock.
Ed Rimmer (pictured), Chief Executive Officer of Time Finance, commented: “We have enjoyed a strong year reaching more SMEs with accessible, tailored and supportive finance, helping them to achieve their growth plans and provide essential liquidity.
“Underpinning our most recent lending milestone are the fantastic teams we have built across our business. We have remained committed to providing a personalised service to support our clients’ aspirations and challenges. as businesses continue to navigate challenging economic times.”