The UK’s Chancelor of the Exchequer has reported intentions to extend the government loan schemes that have been helping SMEs stay afloat throughout the coronavirus pandemic.
When the government announced its financial aid package to help SMEs in March 2020, it was met with controversy as it appeared fintechs and alternative lenders had been ignored. Fintechs were initially excluded from the loan schemes as only companies that had turned a profit could apply, something even the largest fintechs are yet to do, and alternative lenders didn’t become accredited lenders until a few weeks into the schemes.
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.