Alternative lender ThinCats accredited for Recovery Loan Scheme
ThinCats, the leading alternative finance provider to mid-sized SMEs, has today been accredited by the British Business Bank under the Recovery Loan Scheme (RLS) for loans from £1m up to £10m.
The RLS was launched in April to support access to finance for UK businesses as they recover and grow following the Covid-19 pandemic.
The RLS accreditation follows the recent announcement by ThinCats of a £160m strategic investment in the company from Wafra Capital Partners (WCP). The investment from WCP, alongside senior bank and institutional funding, will enable ThinCats to lend a further £2bn over the next few years.
Amany Attia, ThinCats CEO: “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.
The recent strategic investment by Wafra Capital Partners means we have significant amounts of capital to deploy for normal funding and now through RLS. We look forward to supporting many more companies over the coming months.”
