"This relationship gives COLG access to attractive small business loans over the next four years, serving to further diversify our investment portfolio. "
City of London Group and CODE Investing have announced a new collaboration to support the growth of UK small businesses. COLG will aim to complete £50 million in UK small business loans over the next four years originated through CODE Investing.
As an institutional partner to CODE Investing, COLG will gain direct lending access to qualified SMEs, originated to their specifications. The focus will be on property-based SMEs targeting bridging loans across the industrial, office, retail and residential sectors. Loans can be for purchase, refinance, and/or refurbishment of investment property or trading business premises.
Michael Goldstein, CEO of COLG, said: “Collaborating with fintech companies to enhance direct lending opportunities is an important component of our strategy. This relationship gives COLG access to attractive small business loans over the next four years, serving to further diversify our investment portfolio.
“This agreement follows a period of due diligence on CODE Investing and its capabilities and processes, and we’re confident our joint effort will deliver a positive benefit to economic growth and to UK SMEs in particular.”
Ayan Mitra, CEO and founder of CODE Investing, added: “As an SME, accessing finance has traditionally been a lengthy and frustrating process. CODE seeks to address this dysfunction by offering potential borrowers an aggregate view of financing available to them in the market, a more streamlined experience, and an increased certainty of funding.
“For our institutional partners like COLG, CODE’s marketplace provides direct lending access to qualified SMEs, made more efficient by automated technology and processes. We see COLG as an important addition to our lender panel and look forward to working with them to support the UK’s SME sector over the coming years.”