Invoice Finance News – Time Finance plc 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 Time Finance invoice finance funding facility will be applied exclusively to its commercial lending services to UK businesses and provides the Group’s commercial finance business, TIF with additional funding to meet continued demand from its growing number of SME clients.
Time Invoice Finance (TIF) have arranged over £90m of new funding during their last financial year (ending May 2024) and in doing so now count over 10,000 UK businesses as clients with some £200m lent out to support those UK SMEs with their respective growth plans.
Since the start of the Company’s four-year strategic plan in June 2021 to the end of August 2024, Time Invoice Finance has achieved consistent and steady growth with funds advanced to clients during this period increasing by over 170% to £68m as the business continues to experience robust demand for its invoice finance services.
Whilst the invoice finance industry was severely impacted by covid, with low cost government backed lending readily available, post covid and the banks continued risk averse attitude has seen the UK invoice finance industry rebound considerably and Time Invoice Finance is one of the invoice finance firms leading the charge.
With the latest Time Finance funding increase to its back-to-back invoice finance funding facility with NatWest, Time Invoice Finance (TIF) and parent Time Finance plc are extremely well positioned to continue to fund 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.”
