Record half-year for alternative lender
ThinCats, the Ashby-based alternative finance provider, has today released its origination results for the first half of 2023 showing a record £191m has been lent to SMEs across the UK.
The figure represents an increase of 45% on £132m achieved over the same period last year.
In total, ThinCats provided £302m of funding to businesses in 2022 and is on track to surpass that figure this year.
To date, ThinCats has lent more than £1.4bn to businesses across the UK while assets under management stand at record levels of more than £750m.
Amany Attia, CEO of ThinCats, said: “Despite the economic backdrop of lingering high inflation and rising interest rates, we are seeing healthy demand for funding from mid-sized businesses to support organic growth and via acquisitions alongside a slowdown from mainstream bank lending.”
“Sectors showing particularly strong growth are professional services and IT services which are benefitting as businesses continue to invest in changes to their strategic and operational activities following the pandemic and subsequent macro-economic challenges.”
“Our borrowers operate mostly in the business-to-business space with decent predictable income and are somewhat insulated from the squeeze on consumer spending. They have also been less impacted by higher energy and food prices, enabling them to maintain healthy profit margins.”
“We are pleased to be ahead of last year’s figures and look forward to supporting many more businesses with their growth ambitions during the second half of the year.”
