1PM increases funding facility with Natwest
announced on Wednesday that it increased the size of its funding facility with NatWest by £5 million to £42 million.
The AIM-listed finance provider for SMEs said the increased back-to-back invoice finance funding facility will be used to meet demand from their growing number of clients.
1PM said the facility will be used exclusively for lending to UK businesses from its two invoice finance businesses, Positive Cashflow Finance and Gener8 Finance.
James Roberts, Chief Financial Officer, commented: "I am delighted that the Group has further strengthened its long-standing relationship with NatWest which continues to thrive and expand in our invoice finance division.”
"We have substantial funding facilities in place across all our lending divisions and I believe these facilities are reflective of the positive working relationships with our funding partners and our position within the marketplace.”
Mr. Roberts added: “The provision of larger and more flexible facilities enables us to increase our ability to grow whilst maintaining margins and make available further funding for UK businesses."
Shares were trading 1.83% higher at 27.75p Wednesday morning
1PM said the combined invoice finance businesses achieved steady growth in client numbers over the 12 months from 31 January 2019.
Both businesses experienced ‘robust’ demand, with funds advanced to clients having increased by 9% over the period, the company said.
1PM also revealed that it placed two Medium-Term Loan Notes totaling £5 million for the its Loans Division with institutional funders, bringing the total value of Medium-Term notes issued by the company to £8.8 million.
The company has block funding providers that include British Business Bank, Aldermore, Siemens, Hitachi, Investec and others.
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