Fast-growing finance specialist 1pm has agreed a new £2m block discounting facility with a UK based commercial and retail bank. The funds will be used exclusively by the Bath-based company for writing new lease contracts.
Managing director Maria Hampton said: “This is excellent news for 1pm and is the single largest tranche of funds granted to us to date. We have worked very hard to grow the business in a controlled but prudent manner increasing the size and quality of our loan book. This new facility reflects the increased reputation and financial standing the company now has within the industry following its improved trading performance and strengthening balance sheet.”
1pm, which floated on the London Stock Exchange’s AIM market in August 2006, is focused on providing SMEs with accessible funding – all customers must have good credit histories and proven ability to repay their finance commitments.
It makes loans ranging from £1,000 to £50,000 for between 12 and 60 months and Ms Hampton announced that “to meet growing demand we have increased the amount we will advance from £30,000 to £50,000 for equipment purchases, and widened the range of assets which we will lend against”.
She added that, along with 1pm’s existing credit lines, the new finance will provide much-needed funding to the SME market throughout the UK and Northern Ireland whose ability to expand has been hindered over recent years due to the lack of credit available via the banking industry.
