REG - Time Finance PLC - Growth Guarantee Scheme Accreditation

Time FinanceAnnouncement

27/08/2024 07:00

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RNS Number : 4720B  Time Finance PLC  27 August 2024

 

Time Finance plc

("Time Finance", the "Group" or the "Company")

 

Government Backed Growth Guarantee Scheme Accreditation

 

Financial Calendar Update

 

Time Finance plc, the AIM listed independent specialist finance provider, is
pleased to announce that it has been approved as an accredited lending partner
under the UK Government's Growth Guarantee Scheme ("GGS") which is
administered by the British Business Bank and was launched on 1 July 2024. GGS
is the successor scheme to the Recovery Loan Scheme ("RLS") and Coronavirus
Business Interruption Scheme ("CBILS") of which the Group was also an
accredited lender.

 

The Company additionally announces some key dates in its 2024 Financial
Calendar.

 

Growth Guarantee Scheme Accreditation

The British Business Bank has approved Time Vendor Finance Ltd and Time Hard
Asset Finance Limited, wholly-owned subsidiaries of the Company, for
accreditation as participating lenders under the scheme.

 

The GGS accreditation provides an additional channel for the Group to deliver
support to the UK's smaller businesses, adding to the Group's current lending
activities alongside Asset Finance, Loan Finance and Invoice Finance. The
scheme accreditation provides the added benefit of a government-backed
guarantee to loans provided by the Group, the scheme covers 70% of any
outstanding balance, post a recovery process.

 

The Group intends to be an active lender for the duration of the Growth
Guarantee Scheme.

 

Financial Calendar Update

The Group plans to announce audited annual results for the year ending 31 May
2024 and, simultaneously, its Q1 FY2425 trading update on Wednesday 25
September 2024. The Company proposes to hold its Annual General Meeting on
Tuesday 5 November 2024.

 

Ed Rimmer, Chief Executive Officer, commented:

 

"Time Finance has built a strong relationship with the British Business Bank
over a number of years working together and I am very pleased we have been
approved as an accredited lender under the GGS. This arrangement allows us to
further employ the flexibility, speed of service and personal approach that
differentiates our offering. As we continue to work towards becoming the
specialist funder of choice for UK SMEs, it is relationships like the one we
have with the BBB, that will enable us to achieve this ambition. I look
forward to updating everyone on our progress with regards to this new scheme
and our other achievements in more detail following our results publication in
September."

 

 

For further information, please contact:

 

Time Finance
plc
01225 474230

Ed Rimmer, Chief Executive Officer

James Roberts, Chief Financial Officer

 

Cavendish Capital Markets (Nominated Adviser and
Broker)                   0207 220 0500

Ben Jeynes / Dan Hodkinson (Corporate Finance)
 

Michael Johnson / George Budd / Charlie Combe (Sales and ECM)

 

Walbrook PR
 
0207 933 8780

Nick Rome / Joe
Walker
timefinance@walbrookpr.com

 

About Time Finance:

 

Time Finance's purpose is to help UK businesses thrive and survive through the
provision of flexible funding facilities. It offers a multi-product range for
SMEs concentrating on Asset, Loan and Invoice Finance. While focussed on being
an 'own-book' lender, the Group does retain the ability to broke-on deals
where appropriate, enabling it to optimize business levels through market and
economic cycles.

 

More information is available on the Company website www.timefinance.com
(http://www.timefinance.com) .

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as amended by regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310. Upon the publication of this announcement via
Regulatory Information Service, this inside information is now considered to
be in the public domain.

 

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