1PM PLC Expansion into SME Business Loans (1196Q)

TIDMOPM

RNS Number : 1196Q

1PM PLC

10 October 2013

For Immediate Release 10 October 2013

1PM PLC

(AIM: OPM)

Expansion into SME Business Loans

1pm 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.

Loan values will initially range from GBP1,000 up to a maximum of GBP15,000 and can be repaid over any period from three to 36 months.

Maria Hampton, CEO of 1pm, commented:

"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 GBP16.2 million. We are continuing to see high levels of demand for funding from the SME market.

"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 utilising our well proven and robust credit control and credit analysis systems, we believe there are huge opportunities for us to grow this business in tandem with our existing successful asset finance lending.

"We are continually seeking new and innovative ways to help fund the SME market and we anticipate a high demand for this new product."

 
 
   For further information, please 
   contact: 
 
 1pm plc 
 Ron Russell, Chairman                              0844 967 0944 
 Maria Hampton, CEO                                 0844 967 0944 
 
 WH Ireland (NOMAD) 
 Mike Coe                                           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 GBP1,000 to GBP50,000 for a period of between 12 and 60 months and GBP1,000 to GBP15,000 for business loans (repaid over 3-36 months).

Mission Statement - 'Helping the UK economy grow by supporting SMEs'

You can find more information on the Company website www.1pm.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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