Time Finance backs 10,000 UK businesses in latest annual figures – PR News Blog

Time Finance, the AIM-listed alternative finance specialist for UK SMEs, is pleased to announce its year-end results to 31 May 2022, with 10,000 UK business owners supported with over £137m funding throughout the year.

UK businesses and their financial intermediaries benefit from a broad portfolio of financial solutions, including: asset finance, invoice finance, business loans and vehicle finance, as well as a customer-focused approach to finance. relationships, flexible and based on common sense.

Demonstrating a strong and resilient performance for the year, Time Finance recorded total revenue of £23.6m. Throughout the year, the alternative finance provider has invested in its people, integrating well-known and highly experienced leaders into its management team, including Sharon Bryden as Director of Commercial Lending and ABL, Steve Nichols as as Director of Asset Finance, Louise Ikonomides as Head of Business Improvements and Helen Wheeler as Head of Invoice Finance Operations. With a renewed strategy in place, its newly strengthened team aims to build on the excellent service levels and provide UK SMEs with the tools they need to thrive.

The continued expansion of its national business development team led to further growth in its own book lending, with transactions of £64.4m, up 36% on the previous year. In addition, its combined loan portfolio stood at £137m at the end of May, an 18% increase on the previous year, with growth continuing into the new financial year.

Along with expanding its team and presence in the UK, Time Finance has introduced innovative new products to its existing offering, such as ‘Fast Track’. As a solution designed to accelerate its offering of intangible asset finance to brokers and their SME clients, its success has made financing more accessible and contributed to a 28% growth in the number of asset finance transactions over the year. Time Finance has also doubled its supply of secured loans from £250,000 to £500,000 to support larger investments to support SME growth.

Ed Rimmer, Managing Director of Time Finance, said, “We are delighted to enter our new fiscal year with such positive momentum and our continued commitment to building market confidence and encouraging economic growth. We have a clear target to grow our loan portfolio to £250m as part of a medium-term plan, combined with maximizing our multi-product offering and focusing on our core funding proposition assets, invoice financing and business loans.

“It is the drive, enthusiasm and passion within our teams that allows us to look to the future with optimism, despite the many economic challenges currently facing our clients and clients.