P2P business lending platform ArchOver has opened an office in Hatfield.

The regional hub is intended to provide SMEs in Hertfordshire and Bedfordshire with P2P loans to fund SMEs.

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This expansion is the latest in a series for ArchOver, with headquarters in London and a Midlands presence established in Birmingham in October 2018. The company has currently facilitated close to £100m in funding for UK businesses.

Leading the office will be Dugald Carlean, a corporate finance professional who has lived in Hertfordshire for over 17 years. Prior to joining ArchOver, he held numerous senior positions across the UK SME investment banking space, most recently as director of corporate finance at Northland Capital.

Carlean said: “The UK government did little to support the SME sector in the Spring Budget Statement. It’s a tough time to be a smaller business, but the spirit of entrepreneurialism is rich in Hertfordshire and Bedfordshire. The region is a major hub for the UK SME economy, with around 100,000 small-to-medium firms operating in a range of diverse sectors.”

ArchOver chief executive officer Angus Dent said: “Too many companies make the mistake of seeing the world through a ‘London-only’ lens. This country is full of fast-growing, sustainable businesses looking for supportive funding to help them grow, something that neither the government nor the banks seem to understand. Our new office in Hatfield will help local companies get access to the cash they need to grow. While the banks continue to evacuate the SME space, we’re investing in the future of entrepreneurial business in Hertfordshire and Bedfordshire.”

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Lending with ArchOver takes place over its online platform. Investment is on a loan-by-loan basis in multiples of £1,000, or in increments of £250 via its automated investment plan. Borrowing companies are UK-based and seeking a loan of between £250,000 and £10m. They will have been trading for a minimum of two years, have an established management team and proven business model.