Time Finance’s loan book has reached £175m, an 18% increase over the past 12 months.
Time Finance’s five-year medium-term strategy includes growing its provision of business funding solutions to UK small and medium enterprises (SMEs), including asset finance, invoice finance, business loans, and asset based lending.
The firm expanded its invoice finance and asset finance teams with business development, broker and relationship management appointments.
Time Finance also created 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, chief executive officer of Time Finance, said: “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.”