10th Oct 2013 08:07
LONDON (Alliance News) - 1PM PLC Thursday said it has completed its first loan under its planned expansion into the small business loans markets.
1PM said the first loan was made to a wholesale business based in Leicester.
The AIM-listed provider of asset-backed finance to the small and medium enterprises, said 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.
"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," Chief Executive, Maria Hampton, said in a statement.
"We are continually seeking new and innovative ways to help fund the SME market and we anticipate a high demand for this new product," Hamptom added.
1PM shares were Thursday untraded, though closed down 2.4% at 40 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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