Time Finance, the leading alternative finance provider, are pleased to announce that they have renewed their back-to-back facility with RBSIF with a new 3-year deal. The £50m facility, which will be used exclusively to provide an increase in Invoice Finance facilities to business owners throughout the UK, is the important next stage in the firm’s ambitious growth plans.
The deal comes on the back of what has been a challenging eighteen months for business. Throughout the pandemic, Time Finance remained committed to enabling businesses to access a funding solution which met their requirements and more recently have seen an increase in the level of funding requests as firms put all their efforts into building back to pre-Covid levels. This increased facility will see Time Finance support more firms through invoice finance facilities than ever before.
Phil Chesham, Head of Invoice Finance, commented: “Securing this increased funding facility is a significant boost to Time Finance and is reflective of the confidence RBSIF have 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”.
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. With facilities of up to £2.5m available, Time Finance are looking forward to providing the confidence that a secured funding facility provides.
Paul Morgan, Director, RBS Invoice Finance commented “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 specialise in the provision or arrangement of Asset Finance, Loan and Vehicle Finance solutions. Since the beginning of the pandemic, Time Finance has been working hard to help its customers through this turbulent period and the addition of both CBILS and more recently the RLS provided firms with the flexibility of funding options they needed to have the confidence to plan forward.