Lender secures £20m fund for SMEs

ThinCats, the SME lender, has landed a new £20m fund from British Business Investments, a subsidiary of the British Business Bank.

ThinCats, which is based in Ashby de la Zouch, says it now has capital in excess of £800m to lend to SMEs.

Damon Walford, chief development officer, ThinCats, said: “We are very excited to welcome British Business Investments to our group of funders. This is a significant step in our mission to level the playing field for British entrepreneurs whose growth ambitions are being held back by traditional lending models.”

Catherine Lewis La Torre, chief executive, British Business Investments, said: “A big part of our role is to increase the overall supply and diversity of finance – both product and provider – on offer to UK smaller businesses thereby creating more choice and competition in the market. ThinCats’ innovative approach brings a welcome additional model to the market and we look forward to working with them so more funding reaches businesses across the UK.”