Time Finance, an alternative finance provider to small and midsized enterprises in the UK, delivered its first asset-based lending facility, closing a £1.1 million ($1.39 million) deal for an engineering firm that specializes in steelwork, manufacturing and installation. The company will use the funds to provide working capital to help it take on new contracts and increase its turnover to £10 million ($12.6 million) in 2023.
“Completing our first asset-based lending facility is a great achievement for Time Finance and one that further underlines the appetite we have to provide comprehensive funding solutions to businesses of all sizes through combined facilities,” Phil Chesham, managing director of invoice finance at Time Finance, said. “We believe that asset-based lending is the future of business finance. Today’s SME requires a solution that gives them the opportunity to release working capital and provide headroom for growth. By leveraging the assets already within their business, our solutions can do just that.”
The £1.1 million ($1.39 million) facility is comprised of a £650,000 ($819,290) invoice finance facility and a £450,000 ($567,200) property loan.
“Our dedicated and expert-led teams play a key role in helping us to identify new ways in which we can support our intermediary base and their SME clients,” Chesham said. “Not only do we offer a flexible and common-sense approach to lending, but our responsiveness and commitment to tailoring a solution that really supports our client’s specific needs is what sets Time Finance apart. We look forward to supporting more businesses with our new multi-product ABL solution.”
