Time Finance, the Bath-headquartered alternative lender, has proclaimed asset-based lending (ABL) as the future of business finance after setting up its first ABL facility.
The firm, which specialises in asset, loan and invoice finance products, said the £1.1m ABL facility with a growing engineering business specialising in steelwork, manufacturing and installation was another milestone in its growth.
Made up of a £650,000 invoice finance facility and £450,000 property loan, the funding will be used by the unnamed firm to provide core working capital essential to helping it take on new contracts and increase its turnover to £10m this year.
Time Finance invoice finance managing director Phil Chesham, pictured, said: “Completing our first asset-based lending facility is a great achievement for Time Finance and one that further underlines the appetite we have to provide comprehensive funding solutions to businesses of all sizes through combined facilities.
“We believe that asset-based lending is the future of business finance. Today’s SME requires a solution that gives them the opportunity to release working capital and provide headroom for growth.
“By leveraging the assets already within their business, our solutions can do just that.”
He said there was a rising demand for multi-product funding solutions which Time Finance, with its commitment to provide flexible and innovative financial packages to small and medium-sized businesses was looking to serve.
“Our dedicated and expert-led teams play a key role in helping us to identify new ways in which we can support our intermediary base and their SME clients,” he added.
“Not only do we offer a flexible and common-sense approach to lending, but our responsiveness and commitment to tailoring a solution that really supports our client’s specific needs is what sets Time Finance apart.”
In January Time Finance announced it had supplied a record high of £150m to businesses following 15 consecutive months of growth in its own lending book.
Last week the firm, which supports 10,000 SMEs with a diverse range of financial packages, forecast its annual sales and profits were likely to better than expected.
