19th Jul 2018 12:35
LONDON (Alliance News) - Finance provider Code Investing on Thursday said it collaborated with City of London Group PLC to support the growth of UK small businesses.
City of London will aim to complete GBP50 million investment in UK small business loans over the next four years originated through Code. The company will also have an option to expand that volume further based on demand.
As an institutional partner, City of London will gain direct lending access to qualified small and medium-sized enterprises. Code said it plans to focus on property-based firms targeting bridging loans across the industrial, office, retail and residential sectors.
These loans can be used for purchase, refinance, refurbishment of investment property or trading business premises.
"This relationship gives City of London access to attractive small business loans over the next four years, serving to further diversify our investment portfolio," said City of London Chief Executive Michael Gokldstein.
Shares in City of London were untraded on Thursday, last quoted at 131.50 pence each.
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