Time Finance has been approved as an accredited lender under the UK Government’s Recovery Loan Scheme administered by the British Business Bank, the company said in an AIM filing. 

RLS is the successor scheme to the Coronavirus Business Interruption Scheme of which the Group was also an accredited lender.

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The Company also announces several key dates in its 2021 Financial Calendar.

RLS Accreditation

The British Business Bank has approved Time Broker Finance Ltd, a wholly-owned subsidiary of the company, for accreditation as a participating lender under RLS.

Since the beginning of the Covid-19 crisis, Time Finance has resolved to remain open for new business to support credit-worthy, robust SMEs as well as helping its existing 20,000+ customers. 

The RLS accreditation provides an additional channel for Time Finance to deliver support to SMEs, adding to the Group’s current lending activities comprising asset finance, loan finance and invoice finance. RLS accreditation also provides the added benefit of a government-backed guarantee covering 80% of the repayments due from each borrower.

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Time Broker Finance intends to be an active lender for the duration of the RLS scheme which is currently scheduled to run until the end of 2021.

Financial calendar update

The Company intends to provide a trading update for the year ending 31 May 2021 on 16 June 2021. It is the Board’s current expectation that on publication of this trading update it will be possible to reinstate market guidance and to provide an update on its dividend policy.

The Group plans to announce audited annual results for the year ending 31 May 2021 on 21 September 2021 and is proposing to hold its Annual General Meeting on Thursday 21 October 2021.

James Roberts, Time Finance chief financial officer, said: “CBILS provided a lifeline to many viable UK businesses and I fully expect the RLS will do the same. This new product line will sit neatly alongside our multi-product offering to UK SMEs and will help us deliver further funding into the UK economy”.