It’s no secret that the reputation of the main high street banks has been eroded over the past few years, not least in the eyes of those running small and medium-sized enterprises (SMEs). And, while the new wave of challenger banks have been heralded as saviours, they are beset by many of the same underlying problems as their older, larger siblings.
Support for UK SMEs tops half a billion
Our clients are drivers of the UK economy, which is why we are so excited to have lent more than £500m to British businesses, providing flexible business lending for a growing market.
After a record year in 2018, we have built on that momentum, lending over £200m in the last 12 months. This significant growth has, in part, been fuelled by our focus on medium-sized businesses, who are largely overlooked by traditional and alternative lenders in the SME lending space. These companies are the engine of UK economic growth, with a far higher than average propensity to grow than the rest of the SME population.
Our in-depth knowledge of this marketplace, backed by our use of data and technology through our risk modelling system, PRISM, has enabled us to create bespoke lending solutions for UK entrepreneurs.
Through our expanding network of regional offices, we continue to support the growing community of accountants and corporate financiers now advising on non-bank funding options.
John Mould, CEO, ThinCats: “This is an important milestone for ThinCats, and one that we will continue to build upon. I’m very proud of our team and all that we have accomplished so far. By continuing to seek opportunities to plug the funding gap and compete with the banks, we will give growing SMEs the funding they deserve. It’s great to see that UK SMEs are continuing to invest in their futures despite Brexit uncertainty. I look forward to celebrating our next milestone.”