New line of Credit from Pension Fund

RNS Number : 1291H

1PM PLC

24 May 2011

 



1PM PLC

(AIM: OPM)

New line of Credit from Pension Fund

1pm plc ("1pm" or "the Company"), the specialist provider of lease asset finance to the SME sector, is pleased to announce that it has agreed a new funding line of £200,000 through a Self Invested Personal Pension (SIPP) ("the Loan").  The Loan will be exclusively used for the purpose of writing new lease agreements.

The Loan has been agreed on commercial terms similar to those agreed with the Company's block discounters.  

Maria Hampton, 1pm Managing Director, commented

"We are always looking at innovative ways to obtain alternative funding lines and are delighted to have agreed the Loan. A number of SIPP providers have approached us on behalf of their clients as we provide a better rate than the banks.  

With bank lines remaining difficult to secure SMEs are more reliant on lease asset financing from companies like 1pm and the Loan will provide further capital for 1pm to write good quality business."

Contacts:
1pm plc	www.1pm.co.uk
Mike Johnson, Chairman	[phone]
Maria Hampton, Managing Director	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
Mike Coe / Marc Davies	[phone]

About 1pm:

1pm plc is an established small ticket leasing company focused on providing SMEs with an accessible funding pool.  Customers must have clear credit histories and an ability to pay their commitments.  Assets leased are business critical.  1pm typically lends between £1,000 - £30,000 for between 12 and 60 months.

 

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