Time Finance to support SMEs through Recovery Loan Scheme
Time Finance has become an accredited lender under the government’s Recovery Loan Scheme (RLS) via the British Business Bank.
Under the scheme, Time Finance will be able to support UK small to medium enterprises (SMEs) looking for additional funding through the provision of loans and asset finance up to £150,000 with terms available of up to six years.
The Recovery Loan Scheme supports access to finance for UK businesses as they recover and grow following the pandemic.
The scheme is open to all businesses irrespective of turnover and businesses that have taken out a CBILS, CLBILS or BBLS facility are able to access the new scheme, although the amount they have borrowed under a previous scheme may in certain circumstances limit the amount they may borrow under RLS.
Time Finance will be working with a select panel of brokers to manage new business enquiries and help business owners access funding.
Ed Rimmer, chief executive at Time Finance, said: “A staple part of any recovery plan is securing finance for future growth and the Recovery Loan Scheme can help business owners do just that.
“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.”