A banking licence for niche lender Private & Commercial Finance Group plc (LON:PCF) will mean it can grow its loan book faster and get cheaper access to funding to expand.
The granting of the licence has been a long term goal of the AIM group, which provides finance for cars and SMEs.
CEO Scott Maybury tells Proactive: ''A rigorous application process but we came through it. It's been a two year project for us ... so very very pleased and it's absolutely transformational for our business''.
In March, the group changed its year end to September 30 and the 12 month underlying pre-tax profit to that date was up 38% to £4mln compared to £2.9mln in 2015.
