Time Finance has launched a new Asset Based Lending (ABL) funding product.

The offering, which is aimed at UK SMEs, will enable clients to unlock working capital and raise finance amid rising costs.

Through the solution, UK SMEs will be able to access funds linked to the assets within their business including plant and machinery, stock and commercial property, Time Finance said.

In combination with an Invoice Finance facility, Time Finance can offer up to £2.5m in working capital, it added.

Time Finance director of commercial loans & ABL Sharon Bryden said: “We are excited to launch our new ABL offering. It comes at a crucial time for SMEs when now more than ever those business owners need a funding partner who can take a holistic and flexible view to providing finance.”

The ABL solution is the latest addition to Time Finance’s product portfolio which includes Asset Finance, Invoice Finance and Business Loans.

In the last 12 months, the finance firm claims to have provided £137m to 10,000 UK SMEs in funding.

Time Finance CEO Ed Rimmer said: “As a forward-thinking business, we continually strive to find new ways in which we can improve our support, as well as offer creativity and agility to every funding solution we provide.

“We look forward to seeing the success of our new ABL offering as we help more business owners access to finance and confidently achieve their strategic goals.”

Last month, Time Finance made a series of appointments to boost its asset finance business.