Time Finance and Open InVoice Finance have successfully orchestrated the provision of a £1.1m Asset Based Lending (ABL) facility for an expanding steel structural engineering company based in South East England.
Open InVoice Finance was enlisted to aid the engineering firm in securing an asset-based lender, following the withdrawal of the business’s previous funder from the market. Open InVoice Finance then connected the firm to the ABL team at Time Finance, facilitating the design and execution of a seven-figure funding strategy. The ABL facility will provide necessary working capital for the company, equipping it with the financial confidence to undertake new contracts.
The £1.1m package includes a £650,000 Invoice Finance facility and a £450,000 Property Loan. By leveraging the company’s existing assets, the facility will provide crucial funding to enable the company to secure and manage eight additional contracts, in line with its objective of achieving £10m turnover this year.
John Dodsworth of Open InVoice Finance said: “With the backing of Time Finance, we are thrilled to have been able to support this business. The deal was complex and had tight deadlines, necessitating a funder with an understanding of the engineering industry and its typical challenges, as well as the capacity to offer a customised solution that aligns with their unique objectives.
“Time Finance met all these requirements. Their proactive, solution-driven approach has ensured our client now has a committed funder on board.”
ABL allows SMEs to fund their growth strategies and everyday business expenses, including supplier payments, HMRC dues, stock and material purchases, and wage payments.
By utilising their business’s assets, including invoices, stock, and property, companies can overcome cash flow issues and access vital working capital.
Dave Nurcombe, business development manager at Time Finance, added: “Delivering our first Asset Based Lending facility with Open InVoice Finance is a great milestone. The success of this undertaking was a testament to the dedication and hard work of all parties involved.
“Our responsive and adaptable approach allowed us to intimately understand the business’s needs, providing them with the confidence that we can be the stable and supportive funder they need to elevate their business.”
