1pm, the Bath-based specialist lender, has received accreditation from the British Business Bank to expand its lending under the government-backed finance scheme for firms impacted by the Covid-19 pandemic.
1pm Finance (UK), a wholly-owned subsidiary of 1pm, was originally approved as a Coronavirus Business Interruption Loan Scheme (CBILS) lender in May by the British Business Bank.
This enabled the group to expand its range of lending products to include CBILS leases and loans for viable businesses across the UK that had been impacted by the coronavirus pandemic.
CBILS lending benefits from a government-backed guarantee for the repayments due from borrowers. Originally set to end on September 30, the scheme will now remain open for applications until November 30.
Since its launch, CBILS lending has become an important part of the 1pm’s business loan and lease proposition with the initial lending allocation almost fully utilised. As a result, it has been approved for a significant uplift in its allocation.
This will enable the group to continue promoting and deploying the CBILS product through to the scheme’s extended closure date.
1pm chief financial officer James Roberts said: “I am delighted that British Business Bank has increased 1pm’s facility for CBILS lending.
“CBILS has provided a potential lifeline to many viable UK businesses in these difficult economic times and its extension is welcomed by the group.
“Since becoming an accredited lender we have seen significant appetite amongst our various introductory channels to deploy funds through the scheme.
“With this increased allocation, subject to our continued robust and rigorous underwriting checks, we are pleased to be in a position to help yet more UK SMEs.”
Established in 2006, 1pm provides a range of finance facilities to the SME sector spanning asset finance, commercial loans and vehicle finance through to invoice finance. Its shares are listed on the London Stock Exchange’s AIM market.
