Meet the lender – Andy Hume, Time Finance

What trends are you currently seeing in the invoice finance market?

We are still seeing a large number of businesses still carrying significant Covid-related debts, especially PG-backed loans and HMRC debt. Plus, HMRC’s increasingly tough stance on Time To Pay Arrangements, whether for new or existing agreements. This shift is inevitably leading to a rise in insolvencies.

What advice would you give to businesses seeking finance for the first time?

The relationship with the funder is key. Building a strong connection with decision makers matters much more than just going for the cheapest deal. I’m sure brokers take the personalities involved into account before making an introduction, but treating invoice finance like a commodity and focusing only on cost is a common mistake.

 Do you foresee the lending landscape changing in the next few years and if so, how will this impact finance?

The general expectation is that interest rates will start to fall over the next few years, although at a slower pace than originally predicted. While it’s unlikely we’ll see a return to the sub-1% rates of 2009–2022, lower rates will make borrowing more appealing and hopefully create more opportunities for business owners and lenders alike.

What motivates you personally in your work as a lender?

Quite simply, it’s helping business owners structure a facility and giving them the right advice to achieve their goals – even if that comes at a cost to us.

How long have you been working with Evolve Business Finance, and how has the partnership benefited Time Finance?

Stef has been a leading advisor in the invoice finance industry for many years and we’ve had the pleasure of working with him for over a decade now. The deals he brings to us are well-structured and thorough because he takes the time to understand his clients, their financial needs and the right funder for their situation.

Can you share something about yourself that people might be surprised to learn?

My sporting days are definitely behind me, but you might be surprised to hear I once came 19th in the National Cross Country Championships. The competitive spirit is still there, though – whether it’s beating my kids at football in the garden or winning a deal at work.

What are you most excited about Time Finance delivering in the next 12 months?

We’re seeing more businesses looking for multi-product facilities to support their growth plans. Our extended product range – which includes invoice finance, asset finance and secured loans – allows us to offer combined facilities of up to £4.5 million. This means we can support an even greater number of UK SMEs.