1pm grows funding lines
Asset finance provider 1pm, based in Bath, has increased its funding lines by £700,000.
The AIM listed company said the funds were grown by two separate, unnamed loans.
The loans are exclusively for the purpose of writing new leases, said 1pm, which provide finance packages to small and medium sized businesses.
It added that levels of new business enquiries remain encouraging and have been boosted by the company's new lending scheme in Northern Ireland.
Maria Hampton, managing director of 1pm, said: "The board believes that these loans demonstrate increased confidence in the company and as cash is our raw material we are delighted to have access to additional funds which will be used to grow the lease portfolio and therefore strengthen the balance sheet further."
1pm said it continues to generate profits on a monthly basis and will fund part of its growing lease portfolio with cash generated from day-to-day trading.
