Working capital raised without interest and without dilution. Existing ownership is unchanged, and noteholders participate in the profit of the named activity.

The activities of the companies we engage with, and the securities that are issued, are carefully vetted for compliance with the highest ethical and regulatory standards. Vice industries are excluded and every instrument is interest-free.

Every return is therefore the product of debt-free, profit-sharing economics. A holder is paid out of profits from the specified trade activity, never from an interest charge on money lent.

The real economy produces tangible goods and services rather than abstract financial instruments. We finance businesses with tangible economic activity, underpinned by real assets or inventory.

Rigorous due diligence precedes any client engagement, typically for several months via our own on-the-ground secondee to the client, an experienced fractional CFO. Performance is monitored on a real-time basis. Investors have transparent visibility of the specific business activity they are funding.

Our notes are profit-sharing rather than fixed-return securities. What an investor receives depends on how the business actually performs, not on a predetermined interest payment.

PPNs allow mid-sized companies to gain access to a deep, diversified pool of liquidity through the international capital markets that is normally prohibitively expensive for them to access. No interest-based debt is issued or held, and every dollar or pound raised is named to an activity rather than pooled.

Private credit is convenient, but interest-based and won’t flex with the business. Ethical institutions align in principle, but still offer asymmetric debt. Impact funds align in intent, but are illiquid and dilutive. Cordoba offers a unique financing solution that addresses cost, convenience, flexibility, principles and intent.

A lender prices credit, not performance. The charge is a reference rate plus a spread for probability of default. It is set before any capital is allocated, and does not adjust according to the performance of the economic activity. A security is often taken through a charge over business assets, exposing the entire business to existential risk on any failure.

A profit share is priced on the result instead: the holder is paid out of what the named activity earned, so the risk is priced once, by the party carrying it, rather than charged for by one party and borne by another.

Debt places the risk of failure on one side. The charge is fixed and falls due on the date whatever the trade did, so the business carries the whole of the downside and shares none of the lender’s return.

Sources: UK invoice-finance market guidance 2025-26. Bank of England base rate, December 2025.

Sources: British Business Bank, Small Business Finance Markets 2025. Allica Bank, Rebooting SME Finance, 2025. Bank of England SME Finance Survey 2024.

A Profit-Participating Note funds one specified, cash-generative trading activity inside one established business. Realised profit is divided on a ratio agreed before the money moves. Nothing accrues, because nothing was lent, and if the activity fails the loss sits with the capital that accepted the commercial risk.

Source: Profit-Participating Note factsheet, 28 August 2026.