Rebuildingsociety.com has passed the £1 million borrowing mark following a recent rise in interest from small and medium sized business (SME) borrowers.

The peer-to-business lending platform said strong growth in lending and demand from UK small businesses in the past three months has enabled it to facilitate nearly £1.2 million of loans to SMEs in a nine month period.

The firm is now targeting £20 million of borrowing by the end of 2014.

Average loans to SMEs are now £61,000 and the Leeds-based firm has received 50% more loan requests from businesses in the three months to November 22nd compared the previous three months.

Daniel Rajkumar (pictured), managing director of rebuildingsociety.com, said: “The SME sector is recovering along with the wider economy and that is reflected in the growth we are experiencing.

“P2P in general is seeing strong levels of interest from SMEs and consumers because of the value it creates for both parties. The businesses that borrow through rebuildingsociety.com have effectively won a crowd of stakeholders with an interest in their success which is more powerful and valuable than institutional finance.”