Soon after the UK went into lockdown in March, chancellor Rishi Sunak unveiled his £350bn emergency rescue package for British businesses.
This unprecedented intervention laid the foundation for a handful of government guaranteed lending schemes that have completely changed the fintech lending landscape over the past six months.
The three marquee schemes are the Coronavirus Business Interruption Loan Scheme (CBILS), which offers an 80% guarantee for loans of up to £5m; the Coronavirus Large Business Interruption Loan Scheme (CLBILS), for bigger businesses wanting to borrow up to £200m, again with an 80% guarantee; and the Bounce Back Loan Scheme (BBLS), which offers a 100% guarantee for loans of up to £50,000 for micro-businesses.
1pm plc (LON:OPM), established in 2006 is an independent provider of finance facilities to the SME sector. The 1pm plc group offer a full range of business finance solutions to the UK market from asset finance, hire purchase, commercial loans through to invoice finance and factoring.