View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. Analysis
July 8, 2021

Long term thinking needed if UK SMEs are to survive Covid, says Time Finance CEO

By Alejandro Gonzalez

The UK Government’s loan schemes for SMEs during the coronavirus pandemic have been vital during our “collective survival mode”, but we now need “to shift our focus to a long-term solution so that businesses can once again thrive,” said Ed Rimmer, CEO of Time Finance

The British Business Bank recently published data on its Covid relief programmes that saw £79.3bn in government-backed loans distributed to 1.67 million businesses across the UK.

The BBB reported:

  • 1,560,309 Bounce Back Loans (BBLS) worth £47.36bn 
  • 106,660 BBLS top-ups approved worth £950m
  • 109,877 Coronavirus Business Interruption Loan Scheme (CBILS) loans worth £26.39bn
  • 753 Coronavirus Large Business Interruption Loan Scheme (CLBILS) loans worth £5.56bn

Rimmer, who was confirmed as CEO of Time Finance in June, said: “The £79bn funnelled by banks to UK businesses has undoubtedly done its job but businesses need to turn to more sustainable solutions.

“Recent data from Time Finance’s quarterly survey demonstrated that two-thirds of businesses have an optimistic outlook for the future, aligning to the Bank of England’s growth forecast for 2021, which increased from 5% to 7.25% in May,” he said. 

Rimmer was referring to a survey of Time Finance customers conducted in April 2021.

He added: “We have navigated some undeniably challenging times and the Government’s pandemic support propped many businesses up through these troubles. But the tide is turning and if we don’t shift our focus away from the short-term, we risk losing momentum in our economic recovery.

“As the recovery starts in earnest, many sectors are busier and an increase in productivity is obviously promising, but it is also creating somewhat of a bottleneck. That’s the challenge of a V-shaped recovery. We all hope for a rapid recovery for the economy but it’s only possible if businesses can keep up the pace.

“We are seeing some changes in business behaviours at Time Finance. Our clients are exploring their investment options with us and for me this is a significant indicator of business confidence. 

“Whether it’s through asset finance to fund equipment and technology, invoice finance to release capital from unpaid invoices, or a combination of both through asset-based lending, growth is very much on the agenda and that’s really encouraging. Our economy relies on it.

“The short-term solutions have and continue to serve their purpose. Time Finance was very proud to have been accredited to deliver the Coronavirus Business Interruption Loan Scheme and have recently been accredited as a Recovery Loan Scheme lender. 

“The emphasis with funding has been very much on the pandemic’s disruption to businesses; we have been dealing with the here and now. As we emerge from the pandemic, we are for the first time in a long time faced with an opportunity. We can finally look more optimistically to the future,” he said. 

Free Report

Navigate your business through the ‘new normal’

COVID-19 continues to dominate headlines the world over. It has already affected our lives forever. The way we work, shop, eat, seek medical advice, and socialize will all be different in the future. Quite how different remains to be seen, but all industries must plan for multiple eventualities.  Faced with an explosion of conflicting information on how to plan and implement successful recovery strategies, decision-makers are in dire need of a single, reliable source of intelligence.   GlobalData’s COVID-19 Executive Briefing gives you access to unparalleled data and insights to successfully navigate the uncertain road to recovery across the world’s largest industries. Understand every aspect of this disruptive theme by delving into: 
  •  COVID-19 infection update, with statistics on the spread, testing by country, as well as the latest data on vaccines and therapeutic developments 
  • Economic impact overview, covering stock market indices, GDP, unemployment rates, policy responses & GlobalData’s economic recovery scorecards 
  • Sector developments, with access to sector insight summaries, cross-sector indices and the leaders and laggards in each industry vertical 
Whatever your company’s imminent strategic plans, the long-lasting impact of COVID-19 must not be overlooked. Find out how to futureproof your business operations – download our report today. 
by GD50 Explorer
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Thursday. The leasing industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy