Business
Growth Guarantee Scheme Accreditation
Growth Guarantee Scheme Accreditation.
About this update from Time Finance Plc
[{"type":"text","content":"\n\n\n \nTime Finance plc\n(\"Time Finance\", the \"Group\" or the \"Company\")\n \nGovernment Backed Growth Guarantee Scheme Accreditation\n \nFinancial Calendar Update\n \nTime 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.\n \nThe Company additionally announces some key dates in its 2024 Financial Calendar.\n \nGrowth Guarantee Scheme Accreditation\nThe 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.\n \nThe 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.\n \nThe Group intends to be an active lender for the duration of the Growth Guarantee Scheme.\n \nFinancial Calendar Update\nThe 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.\n \nEd Rimmer, Chief Executive Officer, commented:\n \n\"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...