"It not only supports our ambitious growth plans, but it also means that we are able to make available additional funding to SMEs looking to access funding"
Time Finance has renewed its back-to-back facility with RBS Invoice Finance with a new three-year deal.
The £50m facility will be used exclusively to provide an increase in invoice finance facilities to business owners throughout the UK.
Phil Chesham, head of invoice finance, commented: “Securing this increased funding facility is a significant boost to Time Finance and is reflective of the confidence RBSIF have in our business and the vital funding support we provide to firms across the UK. It not only supports our ambitious growth plans, but it also means that we are able to make available additional funding to SMEs looking to access funding and take their business to the next level. Our team work closely with our clients and have seen first-hand the difference the right funding solution can make to the success of a firm’s plans."
Paul Morgan, director of RBS Invoice Finance, 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 them 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 continue to have access to the funding required to continue supporting their existing and new customers to achieve their goals.”