Bath-based alternative finance specialist Time Finance has reported a “strong and resilient” performance for the last financial year. The AIM-listed company said it had supported 10,000 UK business owners with more than £137m of funding - up 18% on the previous year - for the year ending May 31, 2022.
The firm reported a total revenue of £23.6m over the period and said expansion of its national business development team had led to growth in its book lending, with deal origination at £64.4m, an increase of 36% on 2021.
Over the last year, Time Finance has made a number of appointments to its senior management team including Sharon Bryden as director of commercial loans and ABL; Steve Nichols as director of asset finance; Louise Ikonomides as head of business improvements; and Helen Wheeler as head of invoice finance operations.
The business said new products, including its soft asset finance offering for brokers and their SMEs clients, had also contributed to a 28% growth in asset finance deal origination for the year. The company also doubled its secured loan offering from £250,000 to £500,000 to aid larger investments to support SME growth.
Ed Rimmer, chief executive of Time Finance, said: “We’re pleased to head into our new financial year with such positive momentum and our continued commitment to create confidence in the market and encourage economic growth.
“We have a clear objective to grow our lending book to £250m as part of a medium-term plan, combined with maximising our multi-product offering and focusing on our core proposition of asset finance, invoice finance and business loans.”
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