Time Finance has renewed and expanded its Back-to-Back invoice finance funding with NatWest, increasing the facility to £65m.
The move allows the independent business finance provider to cater for increased demand from SMEs for invoice finance and asset-based lending facilities.
The new deal, which includes £55m of fully committed funds with an additional £10m accordion, will support further growth of Time Finance’s invoice finance division, which has seen funds advanced to clients more than treble over the last three years.
The facility will be ring-fenced for the exclusive use of UK-based businesses, with Time Finance providing invoice finance facilities up to £3.5m in size.
Phil Chesham (pictured), managing director of invoice finance at Time Finance, said: “We are delighted to be renewing and expanding our invoice finance facility with NatWest. We have built a strong and long-standing relationship with them, and this is demonstrated by the confidence they have shown in us with this extended facility.
“We are seeing increased demand from our SME clients, in terms of both new / larger deals and existing facilities and we want to reach even more SMEs with the assistance of our valued broker network. This new funding package provides us with a vital stream of finance to reach more businesses in need of investment, supporting both their cashflow and growth plans whilst ensuring we remain one of the leading independent providers of SME funding in the UK.”
Paul Morgan, director of corporate banking & structured finance at NatWest, added: “NatWest are now in our 11th year of supporting the Time invoice finance business via the Back-to-Back facility and it’s funding of the UK SME marketplace. During this time, our facility limit has more than doubled alongside the growth of the Time portfolio.
“The support that Time provides to the SME marketplace, sustained growth, size and geographic spread of their customer base is a true testament to the capabilities of the entire team and the reputation that they maintain and we are delighted to be able to continue our support through the latest phase of their growth via this facility increase and extension.”