Specialist finance provider Time Finance has agreed a facility increase with the British Business Bank that will provide £29.4m of funding to smaller UK businesses.

The additional funding, through an existing ENABLE Funding transaction, brings the total small business funding available through the facility to £64.4m.

Time Finance initially agreed a transaction in March 2018 to provide £35m of funding. This was used to significantly expand the firm’s asset finance lending to businesses across the UK small business sector, primarily for those seeking hard asset finance – which includes equipment with robust residual values after a period of use.

The first £35m facility was provided through Time Finance’s wholly owned subsidiary Time Hard Asset Finance Limited.

As part of the latest increase, the ENABLE Funding facility will be extended to Time Vendor Finance Limited, also a wholly owned subsidiary of Time Finance, to fund a broader range of assets, including soft assets.

Chief financial officer at Time Finance, James Roberts, said: “Over the past five years we have developed a strong working relationship with the British Business Bank, and I am delighted this will now be able to continue for the foreseeable future.

“The enhanced facility will enable Time Finance to provide UK businesses with further funding for their business-critical equipment in one of our more secured and key strategic growth areas.”

This transaction also contributes to the British Business Bank’s objective of driving sustainable growth through its ENABLE Funding programme, by increasing the supply of finance and creating a more diverse finance market for UK smaller businesses.

“We’re very pleased to agree this facility increase with Time Finance, which will help them to provide a more diverse range of asset finance options to small businesses across the UK,” added managing director, guarantee and wholesale solutions at the British Business Bank, Reinald de Monchy.

“We’re also excited to see the growth this will help stimulate across the sector through the ENABLE Funding programme.”

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