Onepm Finance has been approved for accreditation by the British Business Bank to be a participating lender under the Coronavirus Business Interruption Loan Scheme (CBILS).
Onepm Finance is a wholly-owned subsidiary of 1pm plc, an alternative investment market (AIM) listed independent specialist provider of finance facilities to UK small and medium enterprises (SMEs).
Onepm expects to commence lending through CBILS this month, once it has completed staff training and has received the required legal and operational approvals with the British Business Bank.
More than 80% of the UK’s smaller businesses have a finance relationship with CBILS’ more than 50 accredited lenders.
The British Business Bank is accelerating the onboarding of new lenders to further extend the scheme’s reach.
The Bank continues to review applications from a wide range of lender types – from Prudential Regulation Authority (PRA) regulated banks, to platform lenders, debt funds, invoice finance lenders, asset finance lenders and responsible finance lenders.
Keith Morgan, CEO of British Business Bank, said: “Our accredited lenders have seen an incredible demand for CBILS since the scheme became available.
“As a non-bank alternative finance provider, this accreditation means Onepm will be able to further support its smaller business customers and continues the British Business Bank’s long-term support of non-bank lenders to offer more diverse sources of finance.”