Conister provides Time Finance with £6.25m block facility
Conister Bank Limited (Conister), part of Manx Financial Group PLC (AIM:MFX), today announces that it has agreed an increase of £3.25m to an existing block financing agreement of £3m with Time Finance Limited (Time) bringing the total agreement to £6.25m.
The block financing agreement will help Time provide critical funding, via hire purchase leasing, to resilient small and medium-sized enterprises (SMEs) as they navigate the economic impact of the Covid-19 pandemic. The funding comes off the back of a 10-year relationship with Conister and will provide additional liquidity to help Time provide further loans to the SME sector.
Kai Hunter, executive director of Conister, commented: “We’re delighted to announce the block funding agreement with Time Finance. This agreement is testament to our long-standing relationship, unified in the aim of supporting companies in resilient sectors in the wake of wider economic uncertainty. We will continue to work with non-bank financial institutions to provide the necessary liquidity to resilient SMEs.”
James Roberts, chief financial officer of Time Finance, commented: “Having worked with Kai and his team at Conister for a number of years I’ve really been impressed with their understanding of our business and their flexibility in meeting our needs. It was therefore an easy decision to renew our partnership with Conister and I’m pleased to have also increased the facility enabling us to help more UK businesses with their funding needs”.