ThinCats to deliver £300m of funding to UK SMEs via ENABLE Guarantee programme

ThinCats has announced it will provide up to £300m of funding to UK businesses through the British Business Bank’s ENABLE Guarantee programme.

As part of this endeavour, the lender has secured a senior warehouse facility from Citi, which will enable ThinCats to support lending outside the Recovery Loan Scheme.

In total, ThinCats now has more than £500m of capital to deploy over the next year.

The ENABLE Guarantee programme is designed to encourage banks and other 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 government takes on a portion of the risk on a portfolio of loans to smaller businesses, in return for a fee. 

Ravi Anand, managing director at ThinCats, said: “We are currently seeing high levels of demand from mid-sized SMEs to fund organic growth opportunities and for larger merger and acquisition transactions. 

“The provision of this new funding is well timed to support businesses with their post-pandemic growth plans.

“SMEs are a critical sector of the economy and rightly deserve support via the British Business Bank ENABLE programme. 

“ENABLE does what it says on the tin; in this case, enabling alternative lenders like ThinCats, working alongside banks, to provide bespoke lending at scale to support UK businesses.” 

Reinald de Monchy, managing director for guarantee and wholesale solutions at the British Business Bank, added: “The ENABLE Guarantee programme was set up to increase funding to smaller businesses by making it more attractive for banks and other financial institutions to lend to this part of the market. 

“We are delighted to be involved in this innovative partnership with ThinCats to the benefit of smaller businesses across the UK.”

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