Time Finance launches new secured loan product and doubles funding support for SMEs

In response to an increased demand for finance from SMEs, Time Finance has doubled its secured loan offering to businesses from £250,000 to £500,000. The facility can be used to support a wide range of growth plans from investing in new products, vital machinery, property, to resolving cashflow issues.

The changes complement the firm’s existing commercial loan offering which enables UK SMEs to take advantage of unsecured loans and VAT loans up to £50,000.

Sharon Bryden, director of commercial loans at Time Finance, commented: "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.”

"At Time Finance, we recognise the important role businesses are playing in rebuilding our economies. We are committed to delivering robust funding solutions to these businesses to inspire growth. We have ambitious plans to drive change in the market and step up support for SMEs. Our ability to provide funding for every business need is key to being able to provide the right funding solution to our clients”.