ThinCats secures £400m debt facility to support SMEs through the Recovery Loan Scheme

The funding comes after ThinCats was recently accredited to the Recovery Loan Scheme (RLS).

Alternative providers like ThinCats have been some of the standout stars of the pandemic, providing billions of pounds to the UK’s SMEs through government-backed loan schemes and as we move out of the pandemic, support is still needed.

ThinCats has received a boost to its latest government-backed lending in the form of a £400m debt facility from Fintex Capital.

“Fintex continues to be an excellent funding partner for us. Their team’s thorough understanding of the specialist lending market has been of real benefit to our partnership,” Ravi Anand, managing director of ThinCats, said.

“Extending the funding line to include RLS loans will enable us to support more mid-sized SMEs as the UK economy continues to recover from the impacts of the pandemic. The loan size and flexibility allowed under RLS will be welcomed by businesses looking to grow organically or through acquisition.”

Having already supported ThinCats with its other government-backed lending, through both the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS), Fintex will now support the lender in its newly accredited position as a Recovery Loan Scheme lender.

“Fintex and ThinCats have a lot in common. Both firms value speedy decision-making and flexibility, as well as careful implementation and disciplined lending. Executing transactions swiftly and lending with discipline are not mutually exclusive,” Robert Stafler, CEO of Fintex Capital, added 

“They do, however, require clarity of vision, and it is a pleasure to work with like-minded professionals. As an active fintech lender we are delighted to work with ThinCats to support mid-sized SMEs, the lifeblood of the British economy, to access the finance they need and deserve.” 

Thanks to a boosted loan book because of the Covid-19 pandemic, ThinCats flew past £1bn lent to mid-size SMEs in the UK earlier this year.