Finance provider doubles its loan deal
Specialist finance Time Finance has agreed to almost double the size of its deal with backer the British Business Bank.
The Bath firm currently has a deal with the bank which is worth £35m. The AIM listed company announced on the stock market that the deal has been increased to £64m.
The loan, along with further recently renewed and enhanced facilities with some of the group’s other long-standing and supportive funding partners, will provide over £40m of new funding capacity, increasing the total funding facilities available to the group to over £200m.
Time Finance says it is continuing to experience strong demand for asset finance particularly in the ‘hard assets’ sub-division of its asset division.
The extra funds will allow the group to continue to meet this increasing demand for business-critical equipment used by SME businesses while resolutely maintaining its strict underwriting criteria.
James Roberts, chief financial officer, 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 additional funding to UK SMEs for their business-critical equipment in one of our more secured and key strategic growth areas. With the British Business Bank facility being a cornerstone of the group’s funding mix we hope to help many more UK businesses and thereby further improve our shareholder returns”
