Time Finance to support SMEs through Recovery Loan Scheme
Time Finance has become an accredited lender under the Government’s Recovery Loan Scheme (RLS) via the British Business Bank. Under the Scheme, Time Finance will be able to support UK SME’s looking for additional funding through the provision of loans and asset finance up to £150,000 with terms available of up to six years.
The Recovery Loan Scheme supports access to finance for UK businesses as they recover and grow following the pandemic. Under the Scheme, businesses who have been negatively affected by COVID-19 can borrow funds for a wide variety of purposes – whether that be to support cashflow or to fund new investments. It is open to all businesses irrespective of turnover and businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme, although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS. Time Finance will be working closely with a select panel of brokers to manage new business enquiries and help business owners access the funding support they so urgently need.
Time Finance was also an accredited lender under the Coronavirus Business Interruption Loan Scheme (CBILS) demonstrating the firms’ commitment to continuing their support for 20,000+ UK businesses as they build back from the pandemic.
Ed Rimmer, CEO at Time Finance said: “A staple part of any recovery plan is securing finance for future growth and the Recovery Loan Scheme can help business owners do just that. We are thrilled that the British Business Bank has accredited us as a lender under the Scheme and this new offering will complement our existing portfolio of funding solutions which includes – Asset Finance, Invoice Finance, Loans and Vehicle Finance.
“Throughout the pandemic, our teams have remained committed to delivering finance solutions that inspire confidence and growth. We’re proud to have this accreditation under our belt and look forward to continuing to help more businesses access the cash they so urgently need.”
Over the course of the last 12 months, Time Finance has been helping impacted customers by providing tailored support on a case-by-case basis, including restructuring payments, providing forbearance and packaging additional headroom facilities. They also developed and launched ‘Low Start’ to help SMEs manage the cost of investments and to finance vital equipment. The initiative helps business owners to obtain a lower starting option on their lease, making significantly smaller payments at the beginning of their agreement, for either three or six months.