Time Finance and Open InVoice Finance deliver £1.1million Asset Based Lending facility

Time Finance and Open InVoice Finance are pleased to announce that they have delivered a £1.1million Asset Based Lending (ABL) facility. This facility will aid the expansion of a growing steel structural engineering firm based in the South East of England.

The business’s financial consultant, Open InVoice Finance, helped the engineering firm find an asset-based lender. This was after the firm's previous funder exited the market. Open InVoice Finance then introduced the business to Time Finance’s ABL team. Together, they worked in partnership to create and deliver the seven-figure funding line. The ABL facility is designed to release essential working capital. This will give the firm the necessary headroom to confidently take on new contracts.

The £1.1million facility included a £650,000 Invoice Finance facility and a £450,000 Property Loan. By leveraging the assets within the business, the firm can access essential funds. This will allow them to take on and finance eight additional contracts. These contracts will help the firm achieve its goal of generating £10million in turnover this year.

John Dodsworth of Open InVoice Finance said:

“We are thrilled to have supported this business with Time Finance’s assistance. It was a complex deal with tight deadlines requiring a funder who understands the engineering industry, the challenges they commonly face and to provide a bespoke solution that supports their unique goals. Time Finance was able to do just that. As a reliable, pro-active and solution-driven funding provider, I’m pleased to see our client with a committed funder by their side.”

Asset-Based Lending offers SMEs an opportunity to drive their growth plans. It also helps support day-to-day business expenses, such as paying suppliers, HMRC, purchasing stock and materials and covering employee wages. By leveraging assets within the business, including invoices, stock and property, companies can overcome cash flow challenges. This enables them to access essential working capital.

Dave Nurcombe, Business Development Manager at Time Finance, said:

“Delivering our first Asset Based Lending facility with Open InVoice Finance is a great achievement. It was a real effort. It was great to see that the dedication and hard work of all those involved did not go unrecognised. The client's gratitude was testament to our responsive and flexible approach, as we were able to really get under the skin of the business and give them the confidence that we can be that stable and supportive funder they need to take their business to new heights.”

Time Finance specialises in providing funding solutions to UK businesses. These businesses seek to access finance and realise their growth plans. Time Finance’s diverse portfolio includes Asset Finance, Invoice Finance, Loans and Vehicle Finance. This range offers businesses the flexibility to choose the best option for their needs. Alternatively, they can combine these facilities through the new Asset-Based Lending product. Facilities of up to £2.5 million are available, offering support for businesses of all sizes.