Abingdon-based Time Finance has introduced a new secured lending product to support the growth and investment plans of businesses throughout 2022 and beyond.
In response to an increased demand for finance from UK SMEs Time Finance has doubled its secured loan offering to businesses from £250,000 to £500,000. The facility can be used to support growth plans from investing in new products, vital machinery, or property, to resolving cashflow issues.
The launch is driven by Sharon Bryden, Director of Commercial Loans & Asset Based Lending at Time Finance, who joined the firm in 2021 to help bolster funding support to business owners across the UK. It complements the firm’s existing Commercial Loan offering which already enables UK SMEs to take advantage of Unsecured Loans and VAT loans up to £50,000.
Sharon said: “UK businesses have had a challenging time over the last two years and with Government support initiatives at an end and needing to be repaid, the need to access funds to meet both normal operating expenses and to provide the capital to invest for future growth has heightened. Whilst commercial loans have been part of our portfolio since our inception over two decades ago, there is a renewed ambition to enhance this flexible solution for businesses. Based on feedback from our intermediary network, our new secured loan product is easy to set up and fast to access, giving business owners a solution that supports any number of business initiatives. It complements our existing portfolio of funding solutions and means we can help even more firms realise their plans.”