Latest news with #TimeFinance
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
Yahoo
06-05-2025
- Business
- Yahoo
Time Finance reaffirms positive outlook for FY 2024-2025
AIM-listed Time Finance has reaffirmed that its financial performance for the financial year 2024-2025 is expected to be in line with current market expectations. In a filing to the London Stock Exchange, the company outlined its forthcoming financial reporting schedule for the year ending 31 May 2025, indicating a steady trajectory underpinned by solid trading momentum observed throughout the year. The company added that the strong performance seen in the first three quarters of the financial year continued through March and April 2025. This sustained momentum has been driven by consistent demand from UK businesses for its diverse funding solutions, the company said. As a result of the ongoing positive trading momentum, the board expressed confidence in the group's robust financial performance for the full year. Furthermore, Time Finance said it plans to issue a trading update for the financial year ending 31 May 2025 on 26 June 2025. The group will follow with the release of its full, audited final results and accompanying Annual Report and Financial Statements on 24 September 2025. It will also provide a trading update for the first quarter of FY 2025/2026 at that time. Time Finance provides flexible funding solutions to businesses across the UK. It offers a range of financial products tailored to small and medium-sized enterprises (SMEs), with a primary focus on asset finance and invoice finance. While the company mainly operates as an 'own-book' lender, it can also broker deals when suitable, allowing it to manage business volumes effectively across different markets and economic conditions. Last month, Time Finance provided a £500,000 ($664,850) asset-based finance facility to Red Security for expansion and acquisition. During the same time, the company also appointed Danielle Lynch as relationship manager within its Invoice Finance division. "Time Finance reaffirms positive outlook for FY 2024-2025" was originally created and published by Leasing Life, a GlobalData owned brand.
Yahoo
23-04-2025
- Business
- Yahoo
Time Finance delivers £500,000 lending package to Red Security
Time Finance has provided a £500,000 ($664,850) asset-based finance facility to Red Security for expansion and acquisition. The package, which includes a £425,000 disclosed invoice finance facility and a £75,000 refinanced asset finance facility, is designed to support Red Security's growth strategy, including potential business acquisitions and product line expansion. The asset-based lending solution will enable Red Security to enhance its Halo product line, which features AI and cloud-based security systems tailored for construction and rail sector clients. Time Finance said this financial backing allows the company to expand its technology and product offerings across the UK, responding to the rising demand for surveillance solutions and managing increased contract volumes. Red Security plans to use the invoice finance funding to optimise cashflow management as it takes on new business. The business also aims to build ten new bespoke Halo mobile CCTV towers, with ambitions to expand this to 50 units in the coming months, leveraging the specialist asset finance funding solution provided. Time Finance head of sales Andy Hume said: 'In times of uncertainty for many SMEs, I am thrilled that the Time Finance team and JKK12 brokerage have been able to facilitate this bespoke multi-product funding solution for Red Security, and help them grow their operations and product line. 'We know the pressures that businesses are facing right now, with rising overheads and a rumbling sense of apathy in the economy, but funding solutions such as this can act as a lifeline for those still seeking growth and opportunities. We look forward to seeing what Rob and his team can achieve with the additional headroom and investment potential in their assets.' Red Security managing director Rob Kennedy said: 'We have been operating from our base in the North West since 2012, and in that time, we have grown considerably, taking on new and exciting clients. When introduced to Time Finance through JKK12 brokerage, we had an existing invoice facility elsewhere to help us manage cash flow. 'But as we had grown and taken on a number of new clients, our current lender was not able to adapt to this, and we needed a new deal to help protect our cash flow and secure funds to invest in our developing product line.' Time Finance recently appointed Danielle Lynch as relationship manager within its invoice finance division. With more than 20 years of experience in financial services, Lynch previously worked as head of invoice finance at Funding Alternative Group and held roles at Bibby Financial Services, Scottish Pacific Business Finance, and Westminster National Finance Brokers. "Time Finance delivers £500,000 lending package to Red Security" 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
08-04-2025
- Business
- Yahoo
7 in 10 SMEs missing out on benefits of invoice finance: survey
New data from independent business finance provider Time Finance has revealed a lack of SME awareness and understanding of invoice finance, with over 70% of the SME business community either unaware of or opting out of the cashflow finance solution. The data forms part of Time Finance's Finance Apathy survey in partnership with Censuswide, which gathered insight from 500 SME owners and decision makers on their attitudes towards business finance. Delving into the awareness and use of Invoice Finance, the survey found that amongst SMEs, only 28% are aware of and use this finance solution, with 44% aware of invoice finance but choosing not to build it into their financial planning. Of those surveyed, 24% weren't aware of Invoice Finance, ranking the product amongst the lesser-known business finance solutions alongside Asset Based Lending (ABL), which fell short in awareness for 36% of respondents. This compares with the more familiar forms of business finance, such as commercial loans, which 94% of SME respondents were aware of. Loans also topped the table of most utilised form of finance, used by 40% of respondents. The new data has been commissioned by Time Finance to understand the awareness and perception of different business finance amongst SMEs, to challenge growing apathy and help bridge the gap to unlock business growth. Highlighting the lack of SME awareness of Invoice Finance, Time Finance's survey closely follows the launch of the Government's Fair Payment Code and its plans to crack down on invoice late payment, which is estimated to cost SMEs £22,000 a year*. Launched in September 2024, the new code will require all large businesses to include payment reporting in their annual reports, with consultation on further measures expected this year. Phil Chesham, Managing Director of Invoice Finance at Time Finance, commented: 'Despite years of pledges from the Government, the measures brought forward have failed to tackle the issue, and late payment continues to threaten businesses. At best, it can stifle growth, and at worst, it can threaten business survival. This is where the power of invoice finance comes in. 'Invoice Finance has been a relatively unknown and misunderstood finance solution amongst businesses for years, and the most common misconception is that it is only useful to those with cashflow challenges. "It's true that it can inject capital into a business to help with overheads, but it is also a powerful tool to unlock investment opportunities. If a business owner has aspirations to grow but lacks the money to do so, they need look no further than their unpaid invoices to access working capital." "7 in 10 SMEs missing out on benefits of invoice finance: survey" 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.
