Finance firm advances £46m to keep SMEs functioning during pandemic

Local finance broker PMD Business Finance has lent £46.2m and supported more than 600 customers throughout the coronavirus pandemic.

The Manchester-based business has also provided free advice to those in need of financial assistance during the toughest times of the pandemic.

PMD said it was more about taking a softer approach, understanding that things were difficult, and answers were unknown during the disruption.

Established in Oldham in 2010 by Peter Dobson, the company said it is now one of the largest independent providers of business finance, lending more than £100m each year to UK businesses.

During the pandemic the business has achieved 632 successful deals, including 57 CBILS (Coronavirus Business Interruption Loan Scheme) loans, with £46.2m-worth of advances paid out.

As members of the National Association of Commercial Finance Brokers (NACFB), PMD said it is proud to be part of the ‘Moving Britain Forward’ campaign launched with the aim of galvanising the lending community’s collective efforts in helping to drive a new path forward.

PMD director, Tom Brown, said: “Our primary mission is to help keep businesses moving forward and to be there, even in the toughest times.

“These have been hard times for us all, but we hope our statistics over the last four months show what our customers have managed to achieve throughout these turbulent times and that there is positivity.

“Things will get better and we will continue to support SMEs, however, they may need us. One size never fits all, and we know that the best way to support our customers and suppliers is to listen to their unique requirements and work with them to move their business forward.”