(Sharecast News) - Business finance provider 1pm received accreditation as a lending partner under Downing Street's Coronavirus Business Interruption Loan Scheme on Tuesday.
1pm said becoming an accredited lender would enable the group to expand its lending activities - financing leases and loans to business customers across the UK that had been affected by the Covid-19 outbreak.
The AIM-listed group said the accreditation would also allow it to benefit from a government-backed guarantee for all loan repayments. 1pm expects to begin lending under the scheme before the end of May.
Chief financial officer James Roberts said: "We are delighted to have been approved to become an accredited partner to the UK Government's lending programme helping us to deliver additional funding to UK small businesses when they need it most.
"Small businesses are the lifeblood of the UK economy and 1pm is pleased to be able to assist where we can during this critical time."
In terms of recent trading, 1pm said it had received requests for payment delays and holidays as borrowers attempted to manage substantial drops in revenue.
As of 0950 BST, 1pm shares had shot up 9.46% to 17.24p.
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