The British Business Bank has agreed a facility increase that will provide £29.4m of funding to smaller UK businesses, through an existing ENABLE Funding transaction with independent specialist finance provider, Time Finance.
The additional funding brings the total small business funding available through the facility to £64.4m. This further supports Time Finance in growing its pipeline and its proportion of own-book origination, so that it can provide more asset finance to UK smaller businesses.
The initial transaction, agreed in March 2018, was to provide £35m of funding. This was used to significantly expand Time Finance’s asset finance lending to businesses across the UK small business sector, primarily for those seeking hard asset finance – which includes equipment with robust residual values after a period of use.
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.
