Bath-based alternative financial services group Time Finance has become an accredited lender under a government scheme to help businesses recover from the impact of the coronavirus pandemic.
The group, which specialises in asset, loan and invoice finance products, is now able to support small and medium-sized firms looking for additional funding by providing loans and asset finance up to £150,000 with terms available of up to six years.
The lending will be made through the Recovery Loan Scheme (RLS) via the British Business Bank. Under the Scheme, businesses that have been negatively affected by Covid-19 can borrow funds for a wide variety of purposes such as supporting cashflow to funding new investments.
It is open to all businesses irrespective of turnover, including those that took out under previous lending schemes linked to the pandemic, such as Coronavirus Business Interruption Loan Scheme (CBILS).
Time Finance was also an accredited CBILS lender as part of its commitment to support its 20,000-plus UK clients as they build back from the pandemic.
The move follows last week’s announcement by the group that it is aiming to more than double lending over the next four years as part of a major expansion.
Time Finance will be working closely with a select panel of brokers to manage new RLS inquiries and help business owners access the funding support they so urgently need.
Time Finance CEO Ed Rimmer said: “A staple part of any recovery plan is securing finance for future growth and the Recovery Loan Scheme can help business owners do just that.
“We are thrilled that the British Business Bank has accredited us as a lender under the scheme and this new offering will complement our existing portfolio of funding solutions which includes – asset finance, invoice finance, loans and vehicle finance.
“Throughout the pandemic, our teams have remained committed to delivering finance solutions that inspire confidence and growth.
“We’re proud to have this accreditation under our belt and look forward to continuing to help more businesses access the cash they so urgently need.”
Time Finance has been helping impacted customers over the past 15 months by providing tailored support on a case-by-case basis, including restructuring payments, providing forbearance and packaging additional headroom facilities.
It has also launched its ‘Low Start’ service to help small firms manage the cost of investments and to finance vital equipment.
The initiative helps business owners obtain a lower starting option on their lease, making significantly smaller payments at the beginning of their agreement, for either three or six months.
