Growth Guarantee Scheme Accreditation

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                                                                                                             [e-mail]

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.

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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