Time Finance and Open InVoice Finance are pleased to announce that they have delivered a £1.1 million Asset Based Lending (ABL) facility to aid the expansion of a growing steel structural engineering firm in the South East of England.
The business’s financial consultant, Open InVoice Finance, was brought on board to assist the engineering firm in finding an asset-based lender after its existing funder had exited the market.
Open InVoice Finance introduced the business to Time Finance’s ABL team, who worked in partnership to produce and deliver the seven-figure funding line. The ABL facility is designed to release essential working capital to provide the firm with the necessary headroom to take on new contracts confidently.
The £1.1 million facility comprised a £650,000 Invoice Finance facility and £450,000 Property Loan. By leveraging the assets already within the business, they can access the essential funds needed to take on and finance 8 additional contracts which will help them to achieve their goal of generating £10 million turnover this year.
John Dodsworth of Open InVoice Finance said: “We are thrilled to have supported this business with Time Finance’s assistance. It was a complex deal with tight deadlines requiring a funder who understands the engineering industry, and the challenges they commonly face and to provide a bespoke solution that supports their unique goals.”
Asset Based Lending provides SMEs with an opportunity to drive growth plans and support day-to-day business expenses, such as paying suppliers, HMRC, purchasing stock and materials, and paying employee wages.
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By leveraging the assets within the business, including invoices, stock, and property, businesses can overcome cash flow challenges and access essential working capital.
Dave Nurcombe, business development manager at Time Finance, said: “Delivering our first Asset Based Lending facility with Open InVoice Finance is a great achievement.”
Time Finance specialises in providing funding solutions to UK businesses looking to access finance. Facilities up to £2.5 million are available, providing support for businesses of all sizes.