Bath’s Time Finance secures £15m facility from Cynergy Business Finance
Bath-based alternative finance provider Time Finance has renewed its block discounting facility from Cynergy Business Finance (CBF), increasing it to £15m.
The additional capital will help the business expand its growing lending book, which currently sits at a value of more than £185m.
CFO James Roberts said: “Time Finance is committed to delivering robust funding solutions that inspire confidence and growth for SMEs.
“In order for us to scale up our lending book, we needed a trusted and flexible funding partner to help support our strategic growth plans.
“The CBF team took great care and diligence to understand our funding structure and were able to provide a block discounting facility that will allow us to continue providing funding to UK SMEs.
“We look forward to continue working closely with CBF as we progress with our plans.”
It follows news of a strong half-year for Time Finance as it revealed revenues up 19 per cent to £15.7m for the six months ended November 30th.
