ThinCats increases maximum initial loan size to £20m
ThinCats, the leading alternative finance provider to mid-sized SMEs, has today announced that its maximum initial loan size has increased from £15m to £20m. The minimum initial loan size remains at £1m.
The change follows increasing demand from a range of growth businesses to address a funding gap in this part of the market. ThinCats’ average initial loan size has increased to more than £6m over the last 3 years and during this time ThinCats has provided more than £500m in funding for loans above £10m in size.
The increased loan size will be available to ThinCats’ three main borrower types: owner managed businesses, sponsor-backed business and healthcare businesses. Funding can be used to support growth capital, acquisitions and refinancing including for its Transitional Capital and Agile Capital solutions.
ThinCats also provides committed facilities to provide certainty of funding for future growth initiatives and provides follow-on funding beyond £20m – the largest exposures to date have been £35m.
Ravi Anand, managing director, ThinCats “ Solidifying our position to provide £20m in initial funding is a response to clear demand from our nationwide network of advisers and sponsors wanting the same flexible and pragmatic approach for more of their clients and portfolio companies. Furthermore, to support future requirements we will provide follow-on funding above £20m.
“ThinCats is leading the way in filling the gap left by traditional lenders for funding the needs of high growth SMEs. This is one of a number of initiatives to widen our range of bespoke solutions for mid-sized businesses.”
