Latest news with #TerryWolfendale
Yahoo
20-05-2025
- Business
- Yahoo
Time Finance survey reveals 70% of SMEs miss out on broker support for growth
A recent survey by Time Finance has revealed that more than 70% of small and medium enterprises (SMEs) could benefit from broker support in accessing finance for growth. Conducted in partnership with Censuswide, the survey found that 28% of SMEs had utilised a broker to secure business finance. The Finance Apathy Survey, which included 500 SME owners and decision-makers, revealed that 52% were aware of brokers but had never engaged their services, while 20% were unaware that brokers could assist in accessing finance. Time Finance's survey also explored SME attitudes towards lending and awareness of different financial products. The UK-based lender said that despite a healthy appetite for business finance, many SMEs lacked knowledge of key financial products. Specifically, 21% were unaware of asset finance, 24% of invoice finance, and 36% of asset-based lending (ABL). Time Finance CEO Ed Rimmer said: 'Our survey has shown there is a real gap for businesses in their knowledge of the sheer variety of options they have when it comes to business finance. It is clear they would benefit from the guidance and support of our broker partners, all of which work with businesses to introduce them to solutions that suit their specific ambitions and circumstances. 'Only 28% of those we surveyed have used a broker to access business finance. There will be businesses in the remaining 70% that either don't need finance or are potentially accessing finance directly from a lender, but there will inevitably be a majority of businesses that don't quite know where to start with accessing finance. 'We need to help bridge this gap. We want to work with our broker partners to help break down some of these barriers, to educate SMEs on the options available to them and help them access solutions that will ultimately fuel their growth.' To bolster its support for SMEs, Time Finance recently appointed Terry Wolfendale as the new head of sales (South) for its invoice finance division. The appointment formed part of the company's efforts to enhance its business finance support across London and the South East. Wolfendale will lead the southern sales division, focusing on expanding Time Finance's presence and strengthening its brand within the invoice finance market. As part of its growth strategy, Time Finance aims to expand its lending book to exceed £300m ($398.14m) by 2028. "Time Finance survey reveals 70% of SMEs miss out on broker support for growth" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
08-05-2025
- Business
- Yahoo
Time Finance appoints invoice finance head in southern UK
UK-based Time Finance has appointed Terry Wolfendale as the new head of sales (South) for its invoice finance division. The move is part of the company's strategy to enhance its business finance support for small and medium-sized enterprises (SMEs) across London and the South East. Wolfendale will lead the southern sales division, overseeing efforts to expand the company's presence and strengthen its brand within the invoice finance market. As part of its growth strategy, Time Finance aims to expand its lending book to exceed £300m ($398.14m) by 2028. The company is enhancing its team and technological capabilities across its product portfolio, including multi-product and asset-based lending (ABL) deals. These solutions enable businesses to unlock finance through existing assets such as invoices, property, stock, or machinery, with funding options ranging from £50,000 to £5m. Wolfendale brings more than 25 years of leadership experience from roles at Lloyds Commercial Finance, Bibby Invoice Finance, RBS, and Shawbrook. Most recently, he operated his own brokerage, providing finance solutions to SMEs. Time Finance's invoice finance managing director Phil Chesham said: 'I am thrilled someone of Terry's calibre will be leading our southern sales team for invoice finance. 'He brings with him a wealth of experience from both the funder and introducer side of the table, which is an invaluable perspective to have when helping to structure often challenging finance solutions for SMEs.' Wolfendale said: 'I am excited to be joining Time Finance at such an important juncture in their growth journey. Time has a fantastic reputation in the market - with customers and brokers alike - and I am looking forward to being a part of their continued success. 'I am particularly excited by the opportunity to work for such a creative and flexible lender, and to help more SMEs access the finance solutions they need.' Time Finance has confirmed that its financial performance for the 2024-2025 financial year is expected to meet current market expectations. In a filing to the London Stock Exchange earlier this week, the company highlighted its steady trajectory, supported by strong trading momentum throughout the year. This robust performance continued through March and April 2025. "Time Finance appoints invoice finance head in southern UK" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
