Over the past few years, businesses have mastered the art of adapting to an ever-changing landscape, and the need for financial solutions to evolve alongside them has never been greater. This new market has paved the way for alternative lenders to adapt their offering to more easily meet the changing needs of its customers – and with the support of broker relationships, UK SMEs now have access to more accessible and approachable lenders. than before the pandemic.
While the UK economy is experiencing a much more fluid landscape where businesses can build a strong framework in which they can flourish again after the pandemic, the economy as a whole continues to face broad and sweeping change as we continue in 2022. With this in mind, we have adapted our Secured Loan offer to the new needs of our SME customers. By increasing the limit on our business loans, we have doubled the financial support available to UK SMEs.
Adapt to the market
Working closely with our network of brokers is of paramount importance to us at Time Finance. Not only do these connections allow us to reach the businesses that need us most, but by nurturing such relationships, we are able to leverage the trends and issues that affect our SMB customers the most.
Following critical broker feedback last year, we noted a striking increase in demand for funding to meet growth ambitions and drive innovation. To keep up with the changing needs of businesses across the country, we have doubled our secured loan offering to £500,000, to make it easier to access finance.
Our industry knows first-hand the challenges businesses have faced in recent years. With government support now over – and due to be repaid – the need for new access to funds to cover both normal operating costs and to provide capital to build future growth has increased. While many companies are still finding their feet after significant losses in their operations, by increasing our secured loan product, we can really help provide a contingency for companies looking to inject much needed cash into their business.
While commercial loans have been part of our portfolio since our inception over two decades ago, the ambition to improve this flexible solution for businesses has been renewed.
Investment with security
In a new market where things are never so certain, investing in business plans or betting on a new side business are essential aspects of growth, but too often set aside in favor of a continuous and steady momentum. . By increasing our limits, we are ensuring that customers can rest easy with greater confidence in their affordability and a more secure facility in which to take these much-needed steps in their growth plans.
Brokers know all too well that by using existing assets as collateral, clients are able to unlock higher levels of cash to be used to support a wide range of growth plans, from investing in new products, machinery or assets vital to solving cash flow problems. . These new £500,000 lines of finance here at Time Finance, will simply raise the bar and potential for UK businesses and enable them to thrive in 2022.
As the market continues to improve, we are confident that with brokers and alternative lenders coming together together, UK businesses will be well placed to take over the reins and direct their business towards the new opportunities that arise first trimester. comes to an end.