RNS4 Mar 2013 07:59
New Loan Facilities
1pm plc ("1pm" or "the Company"), the AIM listed specialist independent provider of lease asset finance to the SME sector, is pleased to announce that it has agreed a new £1 million loan facility with an overseas commercial and retail bank. The funds will be used exclusively for the purpose of writing new lease contracts.
The loan terms are consistent with those of other funders to the Group.
Since November 2012 the Group has also raised an additional £420,000 of new loans from various sources including a SIPP fund.
Maria Hampton, CEO of 1pm, commented:
"This is a significant additional facility from a new provider to the Group and reflects 1pm's growing reputation and financial standing within the lease asset finance industry. We look forward to building a long standing relationship with the Bank and are delighted to have their support."