Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has announced that it has renewed and increased its back-to-back invoice finance funding facility with NatWest to £65m, with £55m fully committed and an additional £10m Accordian element.
The Facility will be applied exclusively to lending to UK businesses and provides the Group’s invoice finance business, Time Invoice Finance (TIF), with additional funding to meet continued demand from its growing number of SME clients. Since the start of the Company’s four-year strategic plan in June 2021 to the end of August 2024, TIF has achieved consistent growth with funds advanced to clients during this period increasing by over 170% to £68m as the business continues to experience robust demand.
Together with recently extended asset finance facilities, that were arranged with other long-standing and supportive funding partners and previously announced on 3 April 2024, the Group is extremely well positioned to continue to fund its future growth plans with total funding facilities available to the Group of over £225 million.
James Roberts, Chief Financial Officer, commented:
“I am delighted that the Group has further strengthened its long-standing relationship with NatWest which continues to thrive not just in our Invoice Finance division but also across the wider Group. We have substantial funding facilities with ample headroom in place across all of our lending divisions. The provision of these larger and more flexible facilities will contribute significantly to our growth strategy and provide additional funding solutions for UK businesses – for whom a flexible and dependable funding partner can make all the difference.”
