Alternative finance provider, Time Finance, has reached a significant lending milestone, successfully delivering its inaugural Asset Based Lending (ABL) facility.
The £1.1m ABL facility was packaged and provided to a burgeoning engineering firm specialising in steelwork, manufacturing, and installation.
The funds are earmarked for core working capital that will enable the company to secure new contracts and boost its turnover to an anticipated £10m in 2023.
Phil Chesham (pictured), managing director of invoice finance at Time Finance, said: “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.”
He added: “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 £1.1m facility is a composite of a £650,000 Invoice Finance facility and a £450,000 Property Loan. This ABL deal was assembled in response to the growing demand for multi-product funding solutions and aligns with Time Finance’s commitment to deliver flexible and innovative financial solutions to businesses across the UK.
“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 noted. “We offer a flexible and common-sense approach to lending, and our commitment to tailoring a solution that truly supports our client’s specific needs is what sets Time Finance apart.”
Time Finance hit a record high in January 2023, supplying £150m to businesses and marking 15 consecutive months of growth in its lending book.
