The British Business Bank provided 1pm Group with a £35m asset finance facility which will be used mainly on hard assets through its subsidiary Bradgate Business Finance.

The new facility increases the total funding facilities available to the Group to in excess of £155m.

The deployment of this facility will enable Bradgate to increase the amount and diversify the range of lending for business-critical equipment used by SME businesses while resolutely maintaining its strict underwriting criteria.

Deploying funds over the life of the facility will allow 1pm to significantly reduce its blended borrowing cost thus delivering one of management’s key operational objectives to increase the net interest margin from its lending activities.

James Roberts, chief financial officer, said: “1pm is delighted to be working with the British Business Bank to facilitate further funding for SMEs’ business-critical assets. Deploying this funding helps to achieve our on-going mission to provide access to finance to a broad range of UK SME businesses whilst improving shareholder returns through lower borrowing costs and, crucially, through a longer-term, secured funding line. The Enable Facility from BBB represents an important new element in the Group’s mix of funding facilities, further bolstering our ability to grow our asset, loan, vehicles and invoice financing activities by providing an even wider range of cashflow solutions to the UK SME market.”

At the end of February 1pm has entered into a cooperation agreement with Mintos to be a loan originator on its online marketplace for loans.

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Mintos is a global online marketplace for loans where retail investors can participate in different types of loans originated by non-bank loan providers.

Through Mintos, 1pm will gain the benefits of the p2p lending model in financing loans that have traditionally been funded on its own balance sheet.

1pm is the first loan originator from the UK to access the Mintos marketplace and joins approximately 30 other loan originators globally.

The lessor said it would gain access to Mintos’ fintech capabilities to reach approximately 50,000 registered retail investors.