1pm, the Bath-based specialist asset finance provider, is to increase its lending to small firms following successful negotiations to boost two of its block discounting facilities by £1.25m.
The firm, listed on the London Stock Exchange’s AIM market, said the additional funds will be used exclusively to write new lease contracts at a time when traditional bank lending remains sluggish.
1pm CEO Maria Hampton said: “The need for this additional funding has been driven by increasing customer demand. It also reflects the hard work, dedication and growing reputation within our industry of the 1pm team, who have been instrumental in making the company continuously profitable over the last three years.
“These increased facilities, together with our other existing credit lines will enable us to continue our support for SMEs within the UK economy, whose own ability to expand has been hindered over recent years due to a lack of credit via the mainstream UK banking industry.”
