Bath-based 1pm, the specialist lender to small firms, has received another £4m to write new business to meet ever-growing demand.
The firm secured £2.5m from its banks in April and over the past year has raised a total of £11.3m. 
The latest funding is made up of a new £3m facility and an increase of £1m to an existing facility. The money will be used exclusively for the purpose of writing new business, the firm said in a statement to the London Stock Exchange, where 1pm is quoted on the AIM market.
It said the loan terms were consistent with those of other funders to the company.
1pm provides asset-backed finance from £1,000 to £50,000 for periods between 12 and 60 months and £1,000 to £25,000 for business loans repaid over three to 36 months.
Chief executive Maria Hampton, pictured, said: “This additional funding will help us to meet the continuing demand for finance from the SME (small and medium-sized enterprise) sector and underpins our plans for growth.”
Chairman Ian Smith added: “We are delighted to be announcing significant new and increased funding facilities soon after a similar announcement in April. This is evidence of continuing high demand, a strong trading performance and the growing reputation of the company within the market place for underwriting high-quality business.”
