We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Time Finance expands its funding facilities

Wed 03 April 2024 13:48 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(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.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.


    More AIM news from ShareCast

    No results were found