Time Finance, the alternative finance provider, has renewed its block discounting facility from Cynergy Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank, increasing the facility to £15m.

Time Finance specialises in the provision of funding solutions to over 11,000 businesses from a variety of sectors across the UK. As well as asset finance, Time Finance's portfolio of services include asset-based lending, invoice finance and business loans.

With plans for continued growth, Time Finance required additional capital to expand its growing lending book which is currently in excess of £185m. CBF worked closely with the Time Finance team to secure the £15m facility to help release capital from within its customer agreements.

The transaction marks another key block discounting facility agreed by CBF, having launched its block discounting services in 2023. The offering expands on CBF's existing asset-based lending service, offering facilities throughout the UK from £500k to £20m per eligible business.

James Roberts, chief financial officer at Time Finance, said: "Time Finance has been at the forefront of delivering market-leading financial solutions to our customers across the UK, and is committed to delivering robust funding solutions that inspire confidence and growth for SMEs. In order for us to scale up our lending book, we needed a trusted and flexible funding partner to help support our strategic growth plans.

The CBF team took great care and diligence to understand our funding structure and were able to provide a block discounting facility that will allow us to continue providing funding to UK SMEs, and we look forward to continue working closely with CBF as we progress with our plans."

Dave Golding, managing director at Cynergy Business Finance, added: "CBF are delighted to be a funding partner to a key specialist lender like Time Finance, who share our commitment in providing innovative financial solutions for UK SMEs. We're pleased to see have been able to provide this enhanced block discounting facility, helping Time Finance unlock further capital that will give their growth plans a boost. "

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Time Finance plc published this content on 22 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2024 15:50:14 UTC.