Time Finance reports ‘strong’ performance

Bath-based alternative finance specialist Time Finance has reported a “strong and resilient” performance for the last financial year.

The Aim-listed company said it had supported 10,000 UK business owners with more than £137 million of funding – up 18% on the previous year – for the year ending May 31, 2022.

The firm reported a total revenue of £23.6m over the period and said expansion of its national business development team had led to growth in its book lending, with deal origination at £64.4m, an increase of 36% on 2021.

Over the past year, Time Finance has made a number of appointments to its senior management team including Sharon Bryden as director of commercial loans and ABL, Steve Nichols as director of asset finance, Louise Ikonomides as head of business improvements, and Helen Wheeler as head of invoice finance operations.

The business said new products, including its soft asset finance offering for brokers and their SME clients, had also contributed to a 28% growth in asset finance deal origination for the year. The company also doubled its secured loan offering from £250,000 to £500,000 to aid larger investments to support SME growth.