Business
Expansion into SME Business Loans
Expansion into SME Business Loans.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 1196Q 1PM PLC 10 October 2013 \n \n\nFor Immediate Release 10 October 2013\n \n \n \n1PM PLC\n(AIM: OPM)\nExpansion into SME Business Loans\n \n1pm plc (\"1pm\" or \"the Company\"), the AIM listed specialist independent provider of asset-backed finance to the SME sector, is pleased to announce that its planned expansion into the small business loans market has commenced with the successful completion of its first loan to a wholesale business, based in Leicester. \n \nLoan values will initially range from £1,000 up to a maximum of £15,000 and can be repaid over any period from three to 36 months. \n \nMaria Hampton, CEO of 1pm, commented:\n\"Over the last few years, 1pm's core asset backed finance business has seen a very significant increase in demand from SMEs who have found access to all forms of credit through the traditional High Street Banking sector increasingly difficult to obtain. Since 31 May 2011, 1pm's loan book has grown by more than 60 per cent and as of the 31 August 2013 stood at £16.2 million. We are continuing to see high levels of demand for funding from the SME market.\n \n\"It has become very apparent to us that there is also substantial demand amongst SMEs for small business loans, again which are not being satisfied by the banking sector. With our experience of the sector and by u...