1pm, the Bath-based specialist finance provider, has been accredited to take part in the government scheme to help firms trade through the coronavirus pandemic following a campaign to widen it to non-bank lenders.
1pm had said that while lenders like itself provided a third of all UK consumer credit and a third of funding to businesses for investment in plant, machinery, equipment and software, they had were prevented from participating in the Coronavirus Business Interruption Loan Scheme (CBILS). 
Becoming an accredited lender will enable 1pm to expand its lending to help not only its existing 20,000 small business customers but support any qualifying small or medium-sized business under the scheme.
Businesses with an annual turnover of up to £45m can apply for a 1pm CBILS term loan. 1pm expects that this will make a significant impact on the number of new lending agreements it can approve.
1pm is now putting in place the processes required to start lending under the scheme and expects to start handling applications shortly.
The CBILS provides government-backed loans of up to £5m. Under the scheme the government underwrites 80% of the outstanding value of the loan.
The benefits of the scheme include no upfront costs, no interest payments for the first 12 months. Lower initial repayments and no personal guarantees are required.
1pm said since the beginning of the crisis it had been working hard to help its customers through its different lending activities, including asset finance, loan finance and invoice finance. 1pm has also been helping impacted customers by providing tailored support on a case-by-case basis, including restructuring payments. 
The firm has also developed new products to help businesses that need to provide services during the lockdown, including a package to finance vital equipment small firms might need.
Called Low Start, it has been designed to help SMEs manage the costs of investments in smaller business assets during this challenging period.
The initiative allows business owners to obtain a lower starting option on their lease, making significantly smaller payments at the beginning of their agreement, for either three or six months.
Low Start has been initially launched to 1pm’s exclusive panel of asset finance brokers to support their customer and dealer networks throughout the UK.
1pm CEO Ian Smith, pictured, said: “Any future economic recovery is going to be dependent on getting Britain’s millions of small businesses back on their feet as quickly as possible. We are thrilled that the British Business Bank has approved us becoming a lending partner for CBILS. Since the crisis began our team has been working hard to assist any customers that need support.
“The ability to offer funds through CBILS greatly expands the support we can provide SMEs. We are looking forward to helping those businesses to access the cash they so urgently need.”
