Time Finance is expanding its support for UK SMEs with an increase to its invoice finance and asset-based lending (ABL) maximum facility limits which have risen to £5m.
The funding boost represents a significant increase from the previous £3.5m facility cap for the two products and is aimed at reaching more businesses.
The increase in funding comes as the lender completes its largest deal to date, a £4.5m confidential invoice finance facility for a social care provider which has multiple operations across the UK. The funding will give the organisation increased trading headroom, replacing a smaller overdraft that was previously with a high street bank.
Ed Rimmer (pictured), CEO at Time Finance, said: “SMEs need a trusted, expert and dependable lender that understands their specific challenges and ambitions. We are continually reviewing our offering to serve SME needs, and this includes increasing the amount of finance to support the larger SMEs that require flexible solutions and a high level of personal service.
“It is particularly pleasing to see the new limit already helping our clients with the £4.5m invoice solution mentioned above; the organisation formed a highly complex group structure of nearly 20 active entities, 12 of which were funded through the deal. Our deal team worked really hard to structure and onboard the client in conjunction with their month end.”
