British Business Bank programme: ENABLE Funding
1pm plc is an AIM quoted FCA accredited non-bank alternative finance provider to SMEs across the UK. It provides a range of finance products including Asset (lease) finance, business loans and Invoice finance and, on a broked-on basis only, vehicle finance. Currently it employs over 170 staff across 8 sites, lending c.£130m to over 16,000 SMEs. The 1pm plc mission statement is, ‘Helping the UK economy grow by supporting SMEs.’
In March 2018, British Business Bank agreed a facility with 1pm to provide £35m of additional funding to smaller businesses. The transaction, made under the British Business Bank’s ENABLE programme, will enable 1pm plc to significantly expand its asset finance lending to businesses across the UK smaller business sector, primarily for those seeking “hard asset” finance (equipment with robust residual values after a period of use) through 1pm Group’s subsidiary Bradgate Business Finance Ltd.