This article was originally published in August 2020 and reflects Time Finance's role in supporting British businesses during the COVID-19 pandemic.
The increasing global impact of the COVID-19 pandemic had a devastating effect on UK businesses. With their futures uncertain as income reduced and cashflow dried up, it became more difficult to trade through those unprecedented times.
Representing 99% of the UK’s business population, SMEs played a vital role in the growth of our economy. Reflecting on the economic landscape in those years, we witnessed positive growth from these businesses, with entrepreneurs bringing fresh innovation in products, services and technology to the table. All of which contributed significantly to job creation, economic and financial success.
This is why Time Finance's commitment to backing British businesses through COVID-19 didn’t falter. In the face of those testing times, we recognised the important role we as funders played in offering these businesses a lifeline to ensure their survival.
As a trusted financial partner, Time Finance remained very much open for business. We continued to offer expertise in a range of cashflow solutions, doing our utmost to provide SME financial support for creditworthy businesses, as well as signpost the necessary guidance and advice. We actively encouraged businesses to look at all financial solutions available to them so they could maintain a flexible supply of cashflow to protect their businesses.
What UK business experienced then was unparalleled. Income most likely reduced or ceased completely, dependent on the nature of the business. However, costs continued to mount. Support from the Government was welcomed by all, and although some of this support kicked in automatically – Business Rates Holidays, HMRC payment deferments and Time to Pay schemes – getting access to loans and grants was not always as easy as suggested or as quick as required.
Businesses needed to plan their cashflow carefully to ensure they knew how much cash was needed and talked to funders about available options.
At Time Finance, we offered a range of funding solutions to support creditworthy SMEs for the road ahead. For immediate access to additional working capital, our suite of Business Loans provided the cash injection businesses needed to keep up with everyday expenditure. Extended payment terms with suppliers could be debilitating, which is why our Invoice Finance solutions helped release up to 90% of the value of unpaid invoices within 24 hours. Our Asset and Vehicle Finance solutions allowed business owners to invest in vital areas of the business in manageable monthly payments, easily forecasted in cashflow management.
As we moved through those challenging times together, it was our mission to ensure we continued to back British businesses and ensure our funding solutions reached those who needed it to pull through. When they did, those businesses were able to reignite their plans and get back to driving our economy forward, knowing they had our continued support.
Looking back, the resilience of British SMEs during the pandemic underlined the importance of accessible funding. At Time Finance, our commitment to SME financial support remains stronger than ever, as we continue to deliver flexible finance solutions for a wide range of industries.