SME lender launches £50m fund
ThinCats, the SME lender, has partnered with BizBritain to launch a £50m funding programme to support growing SMEs in the Midlands.
Thincats, which has offices in Birmingham, Leicestershire, Sheffield and London, has so far lent over £340m to Britain’s SMEs, including £70m in the Midlands.
It said the initiative is in response to a growing funding gap in the Midlands – estimated to be in excess of £360m.
Funding is now available for West Midlands based SMEs looking for £100,000 to £10m, with applications for finance between £100,000-500,000 facilitated by BizBritain.
Damon Walford, chief development officer, ThinCats, said: “Earlier this year, the British Business Bank revealed that SMEs in London received more funding than any other region in the UK combined. The government has tried to tackle this regional funding gap with initiatives such as the Midlands Engine Investment Fund and whilst this is a very promising start, there is room for other programmes as well.
“One of the key challenges lies in the fact that businesses still predominantly turn to their main bank for finance and are less aware of the growing number of alternatives. As a Midlands-based business, we feel a deep affinity to the area and a responsibility to help close the funding gap here.”
Gary Lennon, business development director, BizBritain, added: “This is an exciting time for local SMEs, with the West Midlands being the fastest growing regional economy outside of London and growing businesses require support and finance to achieve their ambitions.
“Working alongside ThinCats, as local people who live and work here, we are keen to help SMEs obtain funding that accelerates their future growth and adds to the region’s prosperity.”
