Time Finance (formerly known as 1PM) is a specialist independent provider of finance to the UK SME sector. Founded in 2000 and based in Bath, the Group was admitted to the Alternative Investment Market in August 2006. Time finance provides an invaluable service to the UK SME market by helping to fill the funding gap left by the UK banking industry. What does Time finance do? The majority of 1PM’s business is provided by UK finance brokers, who are members of the NACFB. All lending and borrowing is at a fixed rate throughout the term of the agreement. Before any lend facility is agreed, all SMEs and proprietors undergo a detailed credit check carried out by Time Finance staff. They must have good credit histories and a proven ability to repay their finance commitments. Time Finance strives to be a responsible lender and will not provide finance to customers who cannot demonstrate they have sufficient cash-flow to honour their loan commitment. Finance Leasing and Hire Purchase Time Finance purchases a wide range of assets on behalf of its customers, costing from £1,000 up to a current maximum of £50,000 so exposure to one debtor is small compared with the overall portfolio; the assets are then leased back to customers over a fixed period of between 12 and 60 months. All assets leased must add value to the customer’s business. Time Finance retains ownership of the asset until the final payment is received. The lending term for an asset is between 12 and 60 months, with a typical agreement lasting 3 ½ years. Business Loans This is a new product offered by Time Finance to SME’s with loans of between £1,000 and £50,000 per customer. The loans are available for any purpose including working capital and cash-flow funding. The lending term for a loan is from 3 to 60 months.