Time Finance delivers its first Asset Based Lending facility

Time Finance plc (LON:TIME), the independent specialist finance provider, has announced that it has delivered its first Asset Based Lending (ABL) facility to aid the expansion of a growing steel structural engineering firm based in the Southeast of England.

The £1.1m facility has been tailored to release critical working capital, providing headroom for the client company to take on a number of important new contracts and comprises £650,000 in Invoice Financing and a £450,000 Property Loan component.

The Group’s ABL product, which has been developed within the Invoice Finance Division over the past 12 months, can now provide SMEs with the opportunity to drive growth plans and support day-to-day business expenses, including supplier and HMRC payments, stock and materials purchasing and employee wages. By leveraging existing assets, including invoices, stock, and property, businesses can overcome cash flow challenges and access essential working capital.

Ed Rimmer, CEO of Time Finance, commented,

“Delivering our first ABL facility underlines how Time Finance works closely with clients and introducers  to develop comprehensive and innovative funding solutions to businesses of all sizes across the UK. Our stated aims to become a nationally recognised SME funder, to double our Gross Lending Book and to generate organic profits beyond pre-covid levels whilst significantly strengthening the balance sheet by 2025, remain on track.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Time Finance plc

More articles like this

Time Finance plc

The true cost of stress in small businesses

Late nights in the office or working overtime at the weekend isn’t unfamiliar territory for many business owners. In the early years of trading many SME entrepreneurs find their work-life balance a little skewed as they

Time Finance plc

Cash flow forecasting best practices for 2024:

No matter what sector you work in, cash flow shortages can cause plenty of stress.  Whether that’s issues paying suppliers, looming overheads, or trying to retain savings, cash flow management can help. The outlook for the current

Time Finance plc

Empowering women in finance: Insights from Time Finance

This International Women’s Day we sat down with the incredible women making a difference across Time Finance, who share their experience of working in an industry perceived to be male dominated, and how they have inspired

Time Finance plc

Time Finance notable Profit Surge and Promising Future

Time Finance shines with a notable profit surge and insider buying, indicating robust growth and financial health. A deep dive into its promising future. As investors constantly seek out companies with strong growth prospects and financial

Time Finance plc

Empowering SMEs for economic strength and growth

As the Government rolls out its Help to Grow campaign, designed to boost small businesses across the UK, our Chief Executive, Ed Rimmer, explores the measures that will help the business community and shares his thoughts on