Time Finance and Open InVoice Finance are pleased to announce that they have delivered a £1.1million Asset Based Lending (ABL) facility to aid the expansion of a growing steel structural engineering firm in the South East of England.
The business’s financial consultant, Open InVoice Finance, was brought on board to assist the engineering firm in finding an asset-based lender, after its existing funder had exited the market. Open InVoice Finance introduced the business to Time Finance’s ABL team, who worked in partnership to produce and deliver the seven-figure funding line. The ABL facility is designed to release essential working capital to provide the firm with the necessary headroom to take on new contracts confidently.
The £1.1million facility comprised a £650,000 Invoice Finance facility and £450,000 Property Loan. By leveraging the assets already within the business, they can access the essential funds needed to take on and finance 8 additional contracts which will help them to achieve their goal of generating £10million turnover this year.
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.