Time Finance secures additional funding from RBS to boost invoice finance lending

Time Finance has renewed its back-to-back facility with RBS Invoice Finance (RBSIF) with an additional £50m, three-year deal.

The facility will be used exclusively to increase the number of invoice finance facilities offered to business owners throughout the UK.

The alternative finance lender — which provides invoice finance facilities of up to £2.5m, as well as asset, loan and vehicle lending solutions — has recently seen an increase in the level of funding requests as businesses are working towards returning to pre-Covid levels.

Phil Chesham, head of invoice finance at Time Finance (pictured above), said: “Securing this increased funding facility is a significant boost to us and is reflective of the confidence RBSIF has in our business and the vital funding support we provide to firms across the UK. 

“It not only helps our ambitious growth plans, but it also means that we are able to make available additional funding to SMEs looking to access finance and take their business to the next level. 

“Our team works closely with our clients and has seen first-hand the difference that the right funding solution can make to the success of a firm’s plans.”

Paul Morgan, director at RBSIF, commented: “We have supported the management team at Time Finance now since 2013 and are absolutely delighted to be extending our support and relationship with it for the next three years. 

“As the economy continues to recover from the pandemic, having access to funding and liquidity to drive growth has never been more important and the renewal of the back-to-back facility ensures Time Finance continues to have access to the funding required to continue supporting its existing and new customers to achieve its goals.”

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