Financial and insurance services

Description

SME Wholesale Finance (London) Limited a wholly owned subsidiary of the Greater London Authority and trading as Funding London has awarded contracts (Limited Partnership Agreements; LPA’s) to Fund Manager organisations to manage and invest the capital of a new 100 000 000 GBP Fund of Funds that will be invested in 4 new sub-funds for SME’s who’s core activities are based in London: — fund 1 (lot 1): a 45 000 000 GBP Early Stage Venture and Circular Economy Fund. (14 000 000 GBP ring-fenced for Circular Economy), — fund 2 (lot 2): a 25 000 000 GBP Small Loan Fund, — fund 3 (lot 3): a 25 000 000 GBP Larger Loan Fund, — fund 4 (lot 4): a 5 000 000 GBP Micro Loan Fund. The funds are to deliver European Regional Development Fund (ERDF) outputs. The Fund Manager organisation is to manage and invest the capital which is to be committed to a 45 000 000 GBP Early Stage Venture and Circular Economy Fund. This fund will focus on the sectors of strategic importance to the London economy. There will be specific support for early stage SMEs in the circular economy. Of the 45 000 000 GBP, 14 000 000 GBP will be ring-fenced for investments in circular economy businesses. The Fund Manager organisation is to manage and invest the capital which is to be committed to a 25 000 000 GBP Loan Fund (small loans 100 000 GBP to 500 000 GBP). This fund will provide loans to enterprises in London seeking debt facilities to expand their business. The Fund Manager organisation is to manage and invest the capital which is to be committed to a 25 000 000 GBP Loan Fund (larger loans 500 000 GBP to 1 000 000 GBP). This fund will provide loans to enterprises in London seeking debt facilities to expand their business with larger funding requirements. The Fund Manager organisation is to manage and invest the capital which is to be committed to a 5 000 000 GBP Micro Loan Fund (Micro Loans 10 000 GBP to 100 000 GBP). This fund will focus on micro enterprises, providing loans for new, young or established enterprises.