Time Finance, the Bath-headquartered alternative finance provider, is to grow its invoice finance lending division after renewing a £50m funding facility with RBS Invoice Finance (RBSIF).
Time Finance said securing the new three-year deal was an important next stage in its ambitious growth plans and allow it to support more firms through invoice finance as they recover from the impact of the pandemic.
Throughout that period Time Finance remained committed to enabling businesses to access funding that met their requirements.
More recently it has seen an increase in the level of funding requests as firms put all their efforts into building back to pre-Covid levels.
Invoice Finance is an increasingly popular choice for firms looking to improve their cashflow to support day-to-day running costs as well as investing in growth. Time Finance, previously known as 1pm, offers facilities of up to £2.5m.
Its head of invoice finance Phil Chesham, pictured, said: “Securing this increased funding facility is a significant boost to Time Finance and is reflective of the confidence RBSIF has in our business and the vital funding support we provide to firms across the UK.
“It not only supports our ambitious growth plans, but it also means that we are able to make available additional funding to SMEs looking to access funding and take their business to the next level.
“Our team work closely with our clients and have seen first-hand the difference the right funding solution can make to the success of a firm’s plans.”
RBS Invoice Finance director Paul Morgan added: “We have supported the management team at Time Finance now since 2013 and are absolutely delighted to be extending our support and relationship with them for the next three years.
“As the economy continues to recover from the pandemic, having access to funding and liquidity to drive growth has never been more important and the renewal of the back-to-back facility ensures Time Finance continue to have access to the funding required to continue supporting their existing and new customers to achieve their goals.”
Time Finance also offers asset finance and loan and vehicle finance and became an accredited lender under the government’s Recovery Loan Scheme (RLS) and Coronavirus Business Interruption Loan Scheme (CBILS) to help businesses recover from the impact of the coronavirus pandemic.
The firm grew rapidly through a raft of acquisitions prior to the pandemic that took it into new areas of lending and expanded across the UK.
In September it unveiled a 3% increased in annual profits before tax exceptional items and share-based payments to £3.1m on revenues down 17% at £24.2m.
