Thincats

ThinCats gets accredited for the Recovery Loan Scheme and secures funding line



623_2021-07-01-09-29-00am.gif
Fintex Capital has extended its funding line to ThinCats to enable the company to provide finance for Covid-affected SMEs, following its accreditation as a lender for the government’s Recovery Loan Scheme.

ThinCats initially used Fintex Capital’s funds to support businesses as an accredited lender under the CBILS scheme.

It is believed that the new funding line, together with senior finance and ThinCats’s equity could reach £400m of lending to UK SMEs.

This follows the recent £160m strategic investment by Wanfra Capital Partners announced in June.

Amany Attia, CEO at ThinCats, said: “We are delighted to be accredited under the Recovery Loan Scheme by the British Business Bank. 

“It comes as part of our wider work to support the funding needs of mid-sized SMEs as they invest in the UK’s post-pandemic economic recovery. 

“The loan size and flexibility allowed under RLS will be welcomed by businesses looking to grow organically or through acquisition.”

Ravi Anand, managing director at ThinCats, added: “Fintex continues to be an excellent funding partner for us. 

“Its team’s thorough understanding of the specialist lending market has been of real benefit to our partnership. 

“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.”

Robert Stafler, CEO at Fintex Capital, said:“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. 

“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.”

Leave a comment