Time Finance plc (LON:TIME), the independent specialist finance provider, has announced that it has delivered its first Asset Based Lending (ABL) facility to aid the expansion of a growing steel structural engineering firm based in the Southeast of England.
The £1.1m facility has been tailored to release critical working capital, providing headroom for the client company to take on a number of important new contracts and comprises £650,000 in Invoice Financing and a £450,000 Property Loan component.
The Group’s ABL product, which has been developed within the Invoice Finance Division over the past 12 months, can now provide SMEs with the opportunity to drive growth plans and support day-to-day business expenses, including supplier and HMRC payments, stock and materials purchasing and employee wages. By leveraging existing assets, including invoices, stock, and property, businesses can overcome cash flow challenges and access essential working capital.
Ed Rimmer, CEO of Time Finance, commented,
“Delivering our first ABL facility underlines how Time Finance works closely with clients and introducers to develop comprehensive and innovative funding solutions to businesses of all sizes across the UK. Our stated aims to become a nationally recognised SME funder, to double our Gross Lending Book and to generate organic profits beyond pre-covid levels whilst significantly strengthening the balance sheet by 2025, remain on track.”