Expansion into SME Business Loans

RNS Number : 1196Q

1PM PLC

10 October 2013

 



For Immediate Release                                                                                                                                                                   10 October 2013

1PM PLC

(AIM: OPM)

Expansion into SME Business Loans

1pm plc ("1pm" or "the Company"), the AIM listed specialist independent provider of asset-backed finance to the SME sector, is pleased to announce that its planned expansion into the small business loans market has commenced with the successful completion of its first loan to a wholesale business, based in Leicester.

Loan values will initially range from £1,000 up to a maximum of £15,000 and can be repaid over any period from three to 36 months.  

Maria Hampton, CEO of 1pm, commented:

"Over the last few years, 1pm's core asset backed finance business has seen a very significant increase in demand from SMEs who have found access to all forms of credit through the traditional High Street Banking sector increasingly difficult to obtain. Since 31 May 2011, 1pm's loan book has grown by more than 60 per cent and as of the 31 August 2013 stood at £16.2 million. We are continuing to see high levels of demand for funding from the SME market.

"It has become very apparent to us that there is also substantial demand amongst SMEs for small business loans, again which are not being satisfied by the banking sector. With our experience of the sector and by utilising our well proven and robust credit control and credit analysis systems, we believe there are huge opportunities for us to grow this business in tandem with our existing successful asset finance lending.

"We are continually seeking new and innovative ways to help fund the SME market and we anticipate a high demand for this new product."

For further information, please contact:
1pm plc
Ron Russell, Chairman	0844 967 0944
Maria Hampton, CEO	0844 967 0944
WH Ireland (NOMAD)
Mike Coe	0117 945 3470
Winningtons Financial PR	0117 985 8989
Paul Vann	07768 807631
	[e-mail]

About 1pm:

The Company was admitted to AIM in August 2006.

1pm plc is an established independent finance company focused on providing SMEs with accessible funding to add value to their businesses.  All customers must have good credit histories and proven ability to repay their finance commitments.

1pm currently provides assets finance from £1,000 to £50,000 for a period of between 12 and 60 months and £1,000 to £15,000 for business loans (repaid over 3-36 months).

Mission Statement - 'Helping the UK economy grow by supporting SMEs'

You can find more information on the Company website www.1pm.co.uk 

 

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