Time Finance accredited to the recovery loan scheme
The British Business Bank (BBB) has accredited Time Finance for the recovery loan scheme (RLS).
The lender, which provides asset finance, invoice finance, loans and vehicle finance, will deliver loans and asset finance up to £150,000 through the RLS with terms available of up to six years, for businesses impacted by the pandemic.
Time Finance will be working closely with a select panel of brokers to manage new business enquiries and help business owners access the funding support they need.
The lender was also previously accredited to the coronavirus business interruption loan scheme (CBILS), which closed for applications at the end of March and was replaced by the RLS in April.
The RLS has a maximum facility of £10m, provides loans from £1,000 for asset and invoice finance and from £25,001 for term loans and overdrafts.
Read more: Small business owners warned about CBILS personal guarantees
“A staple part of any recovery plan is securing finance for future growth and the RLS can help business owners do just that,” said Ed Rimmer, chief executive at Time Finance.
“We are thrilled that the British Business Bank has accredited us as a lender under the scheme and this new offering will complement our existing portfolio of funding solutions which includes – asset finance, invoice finance, loans and vehicle finance.
“Throughout the pandemic, our teams have remained committed to delivering finance solutions that inspire confidence and growth. We’re proud to have this accreditation under our belt and look forward to continuing to help more businesses access the cash they so urgently need.”
Read more: Third of SME owners became personal guarantors in 2020
Over the course of the last 12 months, Time Finance has been helping impacted customers by providing tailored support on a case-by-case basis, including restructuring payments, providing forbearance and packaging additional headroom facilities.
The lender has also developed and launched ‘low start’, an initiative helps business owners to obtain a lower starting option on their lease, making significantly smaller payments at the beginning of their agreement, for either three or six months.
The BBB has accredited many lenders to the scheme of late.
Recent approvals include: Leumi UK, Leumi ABL, Let’s Do Business Finance, Hitachi Capital (UK), First Enterprise – Enterprise Loans, DSL Business Finance, Shire Leasing, Compass Business Finance, Tower Leasing, Starling Bank, CG Business Finance, Funding Circle and BCRS Business Loans.
The BBB’s website now lists 45 RLS accredited lenders in total.
