Conister Bank Limited, part of Manx Financial Group PLC (AIM:MFX), has agreed to an increase of £3.25 million to an existing block financing agreement of £3 million with Time Finance Limited bringing the total agreement to £6.25 million.
Conister has been operating in the UK for over 20 years lending to SMEs. Conister provides structured wholesale funding solutions for non-bank lenders across a range of sectors.
The block financing agreement is said to help Time provide critical funding, via hire purchase leasing, to resilient SMEs as they manage the economic impact of the COVID-19.
Kai Hunter, Executive Director of Conister, stated:
“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.”