1PM plc (LON:OPM) CEO Ian Smith joins DirectorsTalk to discuss being approved for accreditation as a lending partner under the Government’s Coronavirus Business Interruption Loan Scheme. Ian explains what this means for the company, if May is a realistic target to begin lending, the impact COVID-19 has had on the company, thoughts on the company’s position and outlook and what investors should be looking out for over the coming months.
1pm’s strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a “hybrid” lending and broking model enabling it to optimize business levels through market and economic cycles.