Time Finance has announced the delivery of its first Asset Based Lending (ABL) facility.

The company packaged and delivered a £1.1 million ABL facility to a growing engineering firm specialising in steelwork, manufacturing and installation. The funds will be used to provide core working capital which will be essential in helping the engineering firm to take on new contracts and increase its turnover to £10 million in 2023.

Phil Chesham (pictured), managing director of invoice finance at Time Finance, said: “Completing our first Asset Based Lending facility is a great achievement for Time Finance and one that further underlines the appetite we have to provide comprehensive funding solutions to businesses of all sizes through combined facilities.

“We believe that Asset Based Lending is the future of business finance. Today’s SME requires a solution that gives them the opportunity to release working capital and provide headroom for growth. By leveraging the assets already within their business, our solutions can do just that.”

The £1.1 million facility comprised a £650,000 Invoice Finance facility and £450,000 Property Loan.

Chesham added: “Our dedicated and expert-led teams play a key role in helping us to identify new ways in which we can support our intermediary base and their SME clients. Not only do we offer a flexible and common-sense approach to lending, but our responsiveness and commitment to tailoring a solution that really supports our client’s specific needs is what sets Time Finance apart. We look forward to supporting more businesses with our new multi-product ABL solution.”