"With the support of broker relations, UK SMEs now have access to more approachable and accessible lenders than pre-pandemic."
This new marketplace has etched out the path for alternative lenders to adapt their offering to meet the changing needs of its client more readily - and with the support of broker relations, UK SMEs now have access to more approachable and accessible lenders than pre-pandemic.
Whilst the UK’s economy is seeing a much smoother landscape where businesses’ can build a strong framework in which they can re-bloom post pandemic, the economy at large still continues to face vast and radical changes as we continue into 2022. This in mind, we have adapted our secured loan offering in line with the new needs of our SME clients. By raising the limit of our commercial loans, we have doubled the funding support available to UK SMEs.
Adapting to the market
Working closely with our broker network is of huge importance to us here at Time Finance. Not only do these connections enable us to reach those businesses who need us most, but by nurturing such relationships we’re able to tap into the trends and issues that affect our SME clients most.
Following vital broker feedback last year, we noted a striking increased demand for finance to fulfil growth ambitions and drive innovation. To keep up with the changing needs of the businesses across the country, we doubled our secured loan offering to £500,000, to make accessing finance easier.
Our industry knows first hand the challenges that businesses have faced in recent years. With Government support now wrapped up - and needing to be repaid - the requirement for new access to funds to meet both normal operating costs and to provide capital to build future growth has heightened. With many businesses still finding their feet after significant hits to their operations, by increasing our secured lending product we can really help to provide contingency for those firms looking to inject some much needed cash into their business.
Whilst commercial loans have been a part of our portfolio since our inception over two decades ago, the ambition to enhance this flexible solution for businesses has been renewed.
Investment with security
In a new marketplace where things are never quite as certain, taking those leaps of faith to invest in business plans or gamble on a new side venture are aspects all vital to growth, but too often sidelined in favour of continued and steady momentum. By increasing our limits, we’re making sure clients can rest easy with a wider trust in their affordability and a safer facility in which to make those much needed steps in their growth plans.
Brokers will know all too well that by using existing assets as collateral, clients are able to unlock higher levels of cash to be used to support a wide range of growth plans, from investing in new products, vital machinery or property, to resolving cash issues. These new funding lines at £500,000 here at Time Finance, will simply raise the bar and potential for UK businesses and enable them to thrive in 2022.
As the market continues to improve, we’re confident that with the joint union of brokers and alternative lenders, UK businesses will be well positioned to take back the reins and drive their businesses in the direction of the new opportunities that will arise as quarter one draws to a close.