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(Sharecast News) - Specialist finance provider Time Finance announced a significant expansion of its asset finance facility in collaboration with the British Business Bank on Wednesday, under its 'ENABLE' funding programme.
The AIM-traded firm said the extension saw an increase in the existing £35m hard asset facility to £64m, accompanied by more flexible terms.
It said the expanded facility would now also support the group's vendor finance offering.
The decision to enhance the facility came amid robust demand for asset finance, particularly in the 'hard assets' sub-division of the company's asset division.
Time Finance said the move reflected its commitment to meeting increasing demand for business-critical equipment used by SMEs, while adhering to its rigorous underwriting criteria.
In addition to the extended ENABLE funding programme, Time Finance said it had also renewed and strengthened its partnerships with other longstanding funders.
The renewed arrangements, combined with the enhanced facility, would inject more than £40m of new funding capacity.
As a result, the total funding facilities available to the group now exceeded £200m.
"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," said chief financial officer James Roberts.
"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."
At 1229 BST, shares in Time Finance were up 0.78% at 39p.
Reporting by Josh White for Sharecast.com.
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