1pm, the Bath-based specialist lender to small and medium-sized businesses, has agreed a £1m increase in the amount it will be able to offer to firms.
The increase is a 50% rise on 1pm’s existing block discounting facility with one of its funders. In a statement to the London Stock Exchange, it said the funding will be exclusively used to write new lease contracts.
At August 31, the firm’s lease portfolio was £10.6m.
Managing director Maria Hampton said: “We are delighted to have agreed such a significant increase with one of our existing block discounters and the board is very pleased with the increased support.”
1pm announced in a recent AGM trading update that it had an encouraging start to the current financial year and continues to self-fund part of the portfolio growth.
“The increase in funding greatly enhances the company’s capacity to meet the growing demand for new business, especially as larger banks continue to restrict lending to our customer base,” added Ms Hampton.
