Business
CBILS Accreditation & Covid-19 Trading Update
CBILS Accreditation & Covid-19 Trading Update.
About this update from Time Finance Plc
[{"type":"text","content":"\n \n \n RNS Number : 8930L\n 1PM PLC\n 05 May 2020\n \n \n \n \n 5 May 2020\n \n \n \n \n \n \n \n \n 1pm plc \n \n \n (\"1pm\", the \"Group\" or the \"Company\")\n \n \n Coronavirus Business Interruption Loan Scheme accreditation \n \n \n and \n \n \n COVID-19 update\n \n \n \n 1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to UK SMEs, is pleased to announce that it has been approved for accreditation as a lending partner under the Government's Coronavirus Business Interruption Loan Scheme (\"CBILS\"). CBILS is administered by British Business Bank. In addition, the Company provides a further update on the impact of COVID-19 on the Group's business activities.\n \n \n \n \n \n CBILS accreditation\n \n \n The British Business Bank has approved 1pm Finance (UK) Ltd, a wholly-owned subsidiary of the Company, which trades as Onepm Finance (\"Onepm\"), for accreditation as a participating lender under CBILS. \n \n \n \n \n \n Since the beginning of the COVID-19 crisis, 1pm has resolved to remain open for new business to support credit-worthy, robust SMEs as well as helping its existing 20,000 customers. Becoming an accredited lender will enable the Group to expand its lending in the form of leases and loans to UK small business customers across the UK impacted by the COVID-19 pandemic with the benefit for the Group of a government-backed guarantee for the loan repayments due from the borrower.\n \n \n \n \n \n The Group is in the process of determining the amount of funding it expects to be able to deploy for CBILS related lending and the Board is confident that becoming an accredited lender, subject to the allocation and availability of suitable funding, will have the potential to make a significant impact on the number of new lending agreements. \n \n \n \n \n \n The CBILS accreditation will provide an additional means for 1pm to deliver support to SMEs, adding to the Group's current lending activities in the form of Asset Finance, through wholesale finance facilities provided by British Business Bank and a range of challenger banks; Loan Finance through the Group's Secured Loan Note programme; and Invoice Finance through a back-to-back facility provided by RBS/NatWest. \n \n \n \n \n \n In addition to the government-backed guarantee, ...