The council hopes to support SMEs in the region and has been proactive recently in promoting the fintech sector and supporting and sponsoring the monthly Fintech North seminars, which take place in Leeds.
The council’s team will review business loan requests from companies with an LS postcode, consider the industry and contribute to the loan amounts required by suitable applicants.
Council representatives will also review the performance of their portfolio on a quarterly basis to evaluate the efficacy of the capital committed.
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“This is the first public sector organisation to be investing through rebuildingsociety.com,” said Simon Brereton, acting head of economic policy and sector development at Leeds City Council.
“We hope it will attract the interest of other public sector lenders, as well as prospective borrowers.”
Daniel Rajkumar, founder and managing director at rebuildingsociety.com, felt the proposal would provide great financial support to the area.
“There is no need to rely on London for local funding needs.
“By arranging finance online and locally, regions can prosper and go on to further support local communities.”
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