Business
Increase in Borrowing Facilities
Increase in Borrowing Facilities.
About this update from Time Finance Plc
[{"type":"text","content":"\n \n 1pm plc\n\n (\"1pm\" or the \"Company\")\n\n Increased funding drives growth\n\nThe board of 1pm, a provider of asset finance facilities to the small business\ncommunity, is pleased to announce that it has secured a further £1,100,000 from\ntwo of its existing lenders to now provide an increased total funding facility\nof £4.5 million, an increase of 30%.\n\nThis new funding capability in addition to the recent successful Placing which\nraised £656,500, enables 1pm to secure increasing volumes of new business.\n\nAs highlighted at the time of the Company's preliminary results, announced on\n30th June, 1pm continues to experience significant levels of new business as\nsmall businesses continue to look for new ways of financing asset purchases in\nthe absence of debt facilities being provided by traditional lenders such as\nhigh street banks.\n\nMike Johnson, Chairman stated:\n\n\"I am delighted that the Company is being recognised by both debt funders and\nequity investors. The credit crunch means that smaller businesses are looking\nfor new ways of financing asset purchases thereby increasing demand for 1pm. Our\nsuccess has been achieved because of our definitive underwriting process\nsupported by a robust collection procedure. I look forward to reporting further\nprogress in due course.\"\n\nEnquiries:\n\nMike Johnson, Chairman 1pm 08707 397 397\nplc\n\nIan Callaway, SVS Securities 020 7638 5600\nplc\n\nNick Harriss, Blomfield 020 7489 4500\nCorporate Finance\n\nShane Dolan, Biddicks 020 7448 1000 \n ","length":1760,"tagName":"div"}]