Time Finance review: asset finance, invoice finance and business loans for UK SMEs

Time Finance is an independent, AIM listed finance company that lends to UK small and medium sized businesses, best known for asset finance and invoice finance. Smart Funding Solutions is an independent broker and is not part of Time Finance, so we can compare its offer with the rest of the market and help you decide whether it is the right home for your facility. You can read more on Time Finance's own website.

01About Time Finance

Time Finance PLC is listed on AIM and its registered office is in Bath. The company says it supports around 10,000 UK businesses and lends over £200 million to SMEs. It reaches customers both directly and through finance brokers.

Its range covers four main areas: asset finance, invoice finance, business loans and vehicle finance, along with asset based lending for larger facilities. That breadth is the main thing that sets it apart from lenders that do only one product: a growing business can, in principle, fund equipment and unlock cash from its sales ledger with the same provider.

02What Time Finance funds

Asset finance

Time Finance says its asset finance runs from six months up to five years and covers both new and second-hand equipment. Hard assets include construction equipment, printing machinery, manufacturing and engineering kit, tractor units, trailers, light commercial vehicles and agricultural and forestry equipment. Soft assets include office furniture, commercial kitchens, software, shop fit-outs and audio visual or IT hardware. It also offers asset refinance for businesses wanting to release cash from equipment they already own.

Invoice finance

Time Finance offers disclosed invoice factoring with credit control included, confidential invoice discounting where your customers are not told, and selective invoice finance with bad debt protection. It says funds can be released within 24 hours of raising an invoice. The sectors it highlights include manufacturing, recruitment, printing, haulage, construction, security services and wholesale.

Business loans

Time Finance's loans run from £50,000 to £500,000 over up to five years. They are secured, backed by business assets such as property, vehicles or machinery, and are offered alongside an invoice finance facility rather than as a standalone unsecured loan.

03Who Time Finance suits (and who it may not)

Time Finance is a good candidate if:

• You are an SME in a sector such as construction, manufacturing, haulage, engineering, agriculture or hospitality that relies on equipment.
• You trade business to business on credit terms and want to turn invoices into cash.
• You would like asset finance and invoice finance from one lender.
• You are a limited company buying a substantial asset, or refinancing kit you already own.

It may not suit you if:

• You want a quick, standalone unsecured loan. Its loans are tied to invoice finance.
• You sell mainly to consumers, so there is no sales ledger to fund.
• You need terms beyond five years for very long life assets.

Time Finance's loans run from £50,000 to £500,000 over up to five years.

04What Time Finance looks at

Requirements vary by product, but you should typically expect:

• For asset finance: a supplier quote, recent bank statements, the latest accounts for larger deals, and details of the directors. A personal guarantee is commonly requested.
• For invoice finance: an aged debtors and creditors list, sample invoices and contracts, details of your customers and your annual turnover. Facility limits are set by the quality and spread of your debtor book.
• For business loans: details of the assets offered as security and your invoice finance position.

Being ready with up to date management accounts and a clear explanation of what the funding will achieve usually speeds things up.

05Pros and cons

• Pro: wide range under one roof, from equipment to invoice finance.
• Pro: funds hard and soft assets, new or used.
• Pro: confidential, disclosed and selective invoice finance options.
• Pro: an established, listed business with a large SME customer base.

• Con: business loans are only available alongside invoice finance.
• Con: asset finance terms top out at five years.
• Con: invoice finance contracts can include minimum terms and notice periods, so read them carefully.
• Con: combining facilities with one lender can make it harder to move later.

06Applying through a broker vs going direct

Time Finance accepts direct applications, but its offer is only one view of the market. Other lenders may price an asset or a debtor book differently, or offer longer terms or fewer restrictions. We search the market, present your case to suitable lenders and set the offers out clearly so you can compare like for like. You give your information once. It is free to enquire; any broker fee is disclosed separately before you proceed. Start with our Instant Quotes tool to see your options.

07Alternatives to Time Finance

• Close Brothers: a strong comparison for larger or more specialist asset finance deals.
• Ultimate Finance: also combines invoice and asset finance, and adds construction invoice finance and structured facilities.
• Bibby Financial Services: worth comparing if invoice finance is your main need.

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