ThinCats provides record £289m in funding to mid-sized SMEs in 2020

Covid-19 News | Funding | National

ThinCats, the alternative lender to mid-sized UK businesses, has announced a record year for lending in 2020 by providing almost £300m of funding. Over the last three years ThinCats has lent more than £600m to businesses across the UK.

ThinCats was accredited by the British Business Bank as one of the first alternative lenders for CBILS at the end of April and for CLBILs in June.

ThinCats seeks to ensure its offering is relevant to different segments of the market and in response to increasing demand in 2020 created specialist credit and origination teams for private equity backed businesses and those in the healthcare sector.

Amany Attia, Chief Executive Officer, ThinCats, said: “Looking back on the year and recognising that we are not yet through the pandemic, I am delighted that we have been able to support mid-sized businesses with approximately 45% more funding than in 2019, which was our previous record year. Becoming one of the first alternative lenders to be accredited for CBILS was an important milestone, enabling us to support many new borrowers as well as existing ones.

“The economic impact of Covid will be long felt so it’s vital that businesses can access the funding they require. Alternative lenders like ThinCats have demonstrated that there is an important role for non-bank lenders dedicated to support growth businesses that will drive much of the post-pandemic economic recovery.

“In 2020 we proved that our model of deploying institutional capital alongside our own balance sheet capital is a genuine and sustainable alternative to the banks for delivering funding at scale to many UK businesses.

“Looking into 2021 there will be further funding requirements for many businesses as they look to invest, acquire and grow. We have substantial amounts of lending capital to deploy and look forward to supporting many more mid-sized businesses with their specific needs over the next 12 months.”

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