Alternative finance provider Time Finance has said it has delivered a “milestone” asset-based loan facility.
The Aim-listed firm said it had delivered a £1.1m package to a growing engineering firm in the South East, which specialised in steelwork, manufacturing and installation.
The facility, the first of its kind which Bath-based Time Finance has provided, will be used to provide core working capital for its client to take on new contracts and increase its turnover to £10m this year.
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Time Finance said the package comprises a £650,000 invoice finance facility and £450,000 property loan.
Phil Chesham, 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.
“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 company, which has raised profit expectations twice this year, said it was seeing “rising demand” its for multi-product funding solutions.
The firm announced a record high of £150m supplied to businesses at the end of 2022, following fifteen consecutive months of growth in its own lending book. The company currently supports around 10,000 SMEs
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