The facility will be exclusively available to UK-based businesses. Credit: Mer_Studio/Shutterstock.

Time Finance has expanded its back-to-back invoice finance funding line with NatWest to support UK small and medium-sized enterprises (SME) marketplace.

This new agreement increases the facility to £65m ($85.11m), enhancing the company’s ability to facilitate growing demand from UK SMEs for invoice finance and asset-based lending facilities.

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The updated funding arrangement includes £55m of fully committed funds and another £10m accordion feature.

This expansion is set to bolster the growth of Time Finance’s Invoice Finance division, which has experienced a more than threefold increase in funds advanced to clients over the past three years.

Time Finance invoice finance managing director Phil Chesham said: “We are delighted to be renewing and expanding our invoice finance facility with NatWest. We have built a strong and long-standing relationship with them, and this is demonstrated by the confidence they have shown in us with this extended facility.

“We are seeing increased demand from our SME clients, in terms of both new/larger deals and existing facilities and we want to reach even more SMEs with the assistance of our valued broker network.

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“This new funding package provides us with a vital stream of finance to reach more businesses in need of investment, supporting both their cash flow and growth plans whilst ensuring we remain one of the leading independent providers of SME funding in the UK.”

The facility will be exclusively available to UK-based businesses, with Time Finance offering Invoice Finance facilities of up to £3.5m.

NatWest corporate banking & structured finance director Paul Morgan said: “NatWest are now in our 11th year of supporting the Time Invoice Finance business via the Back-to-Back facility and its funding of the UK SME marketplace. During this time, our facility limit has more than doubled alongside the growth of the Time portfolio.”