"The enhanced facility will enable Time Finance to provide UK businesses with further funding for their business-critical equipment in one of our more secured and key strategic growth areas. "
- James Roberts, chief financial officer at Time Finance
The British Business Bank has agreed a funding facility increase with Time Finance that will provide £29.4m of funding to smaller UK businesses.
The initial transaction, agreed in March 2018, was to provide £35m of funding and the additional funding brings the total available through the facility to £64.4m.
The funding will expand Time Finance’s asset finance lending to businesses across the UK, primarily for those seeking hard asset finance – which includes equipment with robust residual values after a period of use.
The first £35m facility was provided through Time Finance’s wholly owned subsidiary Time Hard Asset Finance. As part of the increase announced today, the ENABLE Funding facility will be extended to Time Vendor Finance to fund a broader range of assets, including soft assets.
Launched in 2014, the ENABLE Funding programme supports the British Business Bank’s objective to drive sustainable growth and prosperity across the UK by supporting access to finance for smaller businesses.
James Roberts, chief financial officer at Time Finance, said: “Over the past five years we have developed a strong working relationship with the British Business Bank and I am delighted this will now be able to continue for the foreseeable future. The enhanced facility will enable Time Finance to provide UK businesses with further funding for their business-critical equipment in one of our more secured and key strategic growth areas.”
Reinald de Monchy, managing director of guarantee and wholesale solutions at The British Business Bank, added: “We’re very pleased to agree this facility increase with Time Finance, which will help them to provide a more diverse range of asset finance options to small businesses across the UK. We’re also excited to see the growth this will help stimulate across the sector through the ENABLE Funding programme.”
