9 Apr 2014 07:00
9 April 2014
1PM PLC
(AIM: OPM)
Additional Block Discounting Facilities totalling £2.5m
1pm plc ("1pm" or "the Company"), the AIM listed specialist independent provider of finance facilities to the SME sector, is pleased to announce that it has negotiated additional Block Discounting Facilities totalling £2,500,000 comprising a new £2,000,000 facility and an increase of £500,000 to an existing facility. This additional funding will be used exclusively for the purpose of writing new business.
The loan terms are consistent with those of other funders to the Company.
The Board is also pleased to report that trading during the first quarter of calendar 2014 has been very positive. Furthermore due to the success of the recently introduced business loan product, the amount available for individual loans is to be increased from £15,000 to £25,000.
Maria Hampton, CEO, commented:
"The additional Block Discounting facilities will contribute significantly towards the Company's continued expansion and we very much appreciate the support that our funding panel is providing. The total amount of new funding raised since 31st May 2013 now stands at £7.3m."
"The funding will allow us to satisfy the continuing strong demand for finance from the SME sector"
Ian Smith, Chairman, commented:
"Against a backdrop of continued strong trading we are delighted to be announcing both new and increased funding facilities which are testament to the quality of the business being underwritten, the strong results being consistently delivered by the Company and its growing reputation within the market place. These additional facilities are a further enabling step towards the Company achieving its growth ambitions whilst continuing to focus on its core strength of providing much needed finance to SMEs."
For further information, please contact: | |
1pm plc | |
Ian Smith, Chairman | 0844 967 0944 |
Maria Hampton, CEO | 0844 967 0944 |
WH Ireland (NOMAD) | |
Mike Coe / Ed Allsopp | 0117 945 3470 |
Winningtons Financial PR | 0117 985 8989 |
Paul Vann | 07768 807631 |
paul.vann@winningtons.co.uk |
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 £25,000 for business loans (repaid over 3-36 months).
Mission Statement - 'Helping the UK economy grow by supporting SMEs'
More information is available on the Company website www.1pm.co.uk