Time Finance increases support for UK SMEs amidst rising business insolvencies

Time Finance, a leading provider of funding solutions to UK SMEs, is ramping up its support for businesses in 2024 amidst new data from the Office for National Statistics (ONS), which shows that business insolvencies exceeded 25,000 in 2023.

Responding to the ONS’ latest data, Time Finance is cautioning that while inflationary pressures on businesses remains a reality, many could have avoided insolvency with the right financial planning and support in place.

The ONS’ latest data set for December 2023 shows that in 2023 business insolvencies reached 25,159, a 14% jump from the previous year when 22,129 folded, which at the time was reported to be the worst year for insolvencies since 2009.

Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.

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