UK alternative lender ThinCats secures nearly £700m in funding facility
ThinCats, a UK-based alternative business lender, has secured nearly £700 million in a fresh warehouse facility with Citi and Barclays Bank, backed by British Business Bank’s ENABLE Guarantee programme.
ThinCats secures nearly £700m in new funding facility
With the new facility, ThinCats’ second under the guarantee programme, it will be able to support lending of up to £696 million to mid-sized businesses in the UK. The senior funding is being jointly provided by Citi and Barclays, with the junior funding coming from ThinCats and an undisclosed UK credit fund.
The ENABLE Guarantee programme allows banks and lenders to increase their lending to smaller businesses by reducing the amount of capital or junior funding required for such lending. Under an ENABLE Guarantee, the UK Government takes on a portion of the risk in a transaction supporting loans to smaller businesses, in return for a fee.
Commenting on the facility, Ravi Anand, managing director of ThinCats, says: “The size of this new funding reflects the maturity of our business in terms of scale and our strong overall performance.
“Despite macro headwinds we continue to see strong demand from mid-sized businesses to fund organic growth opportunities and for merger and acquisition transactions, with considerable follow-on funding for existing borrowers.”
