A non-listed corporate bond (or 'mini-bond') is a way for UK companies to borrow directly from the public. After the 2008 global financial crisis, the UK government recognised that banks did not have the money to lend to small and medium- size enterprises (SMEs). The government allowed UK SMEs to directly approach the public with a corporate IOU (or promissory note). The investor lends money to a UK plc for a set amount of time (the “Term”) in return for a fixed amount of interest (the “Coupon”) plus the original investment amount which is returned at the end of the Term.