A total of £525m is being made available to UK small- and medium-sized enterprises (SMEs) after Assetz Capital secured a major funding boost from several financial institutions.
The peer-to-peer alternative finance platform has revealed that £325m has been secured from two funds and a further £200m from retail investors. These funds are available now to bidders who successfully complete the application process.
This is in addition to Assetz Capital's retail investor base of 11,000 individuals now lending through the platform.
Assetz Capital offers a range of financial products to smaller businesses including commercial mortgages, secured SME term loans, development finance and bridging finance.
Stuart Law, chief executive at Assetz Capital, said: "UK SMEs continue to search for the appropriate funding to help them grow and prosper yet traditional funding lines have either been blocked, or have been significantly hampered for a number of reasons.
"Having more reliable sources to apply to and gain funding is fundamental to not only an individual SME's success, but the future of the British economy. Through collaboration, we are now an important cog in driving the UK economy forward."