27th April 2020
ThinCats, the leading alternative lender to mid-sized UK SMEs has been approved by the British Business Bank as a new accredited lender to provide term loans through the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding will come from ThinCats’ panel of institutional investors and will be used initially to support SMEs that have an existing ThinCats loan. Plans to make the scheme available to new ThinCats borrowers are being developed and will be announced at a later date.
The Coronavirus Business Interruption Loan Scheme, delivered through 50+ British Business Bank accredited lenders, is designed to support the continued provision of finance to UK smaller businesses (SMEs) during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £5m to smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. It supports a wide range of business finance products, including term loans, overdrafts, invoice finance and asset finance facilities.
ThinCats uses capital from institutional investors to provide commercial loans to UK SMEs. Investors include Insight Investments, BAE Systems Pensions and British Business Investments, a commercial subsidiary of the British Business Bank. To date, ThinCats has lent more than £600m with loans ranging from £1m-£15m.
Ravi Anand, Managing Director, ThinCats: “We are delighted that the British Business Bank has approved ThinCats as an accredited lender for CBILS. Our initial focus will be on those businesses that we know the best and can therefore help most quickly, which are existing ThinCats borrowers.
Mid-sized SMEs account for more than 25% of UK GDP and are exactly the sort of businesses who can quickly contribute to the recovery of the UK economy. Our sole focus is on this part of the SME market, and we are keen to support them out of this crisis. The ability to offer additional funding through CBILS is a welcome addition to the toolkit of support we are already providing to our borrowers across the UK.
We will make further announcements about making CBILS available to new borrowers in due course.”
For more information:
0203 841 9333
Notes to editors:
For more information about the Coronavirus Business Interruption Loan Scheme (CBILS). Please visit the British Business Bank website.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).
ThinCats is an established alternative lender dedicated to funding SMEs with business loans from £1m up to £15m using pioneering data, personal relationships and a pragmatic lending process. ThinCats’ progressive approach has already enabled SMEs to borrow more than £650m. www.thincats.com
ThinCats is the trading name of a group of companies owned by ESF Capital Limited.
About the British Business
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank programmes are supporting more than £7.2bn of finance to over 93,000 smaller businesses (as at end of September 2019).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
- The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at www.thebusinessfinanceguide.co.uk/journey.
- The new British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, none of which are authorised and regulated by the FCA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.