ThinCats, a UK-based lending platform, announced on Monday it has teamed up with BAE Systems Pension for new £200 million program to provide UK SMEs with commercial loans. This news comes just a few months after ThinCats announced a new £300 million program with global asset manager, Insight Investment, to fund UK SMEs.
The online lender reported it now has capital of £800 million for the funding of UK SMEs across the full risk spectrum in all regions and sectors from £100,000 to £15 million. ThinCats also revealed its lending focus is on meeting borrowers’ ambitions through funding of up to five years to companies with asset backing or reliable cashflows for working capital, acquisition, refinance or growth. Speaking about the new program, Damon Walford, Chief Development Officer of ThinCats, stated:
“This additional funding programme with BAE Systems Pensions demonstrates our continued ability to link institutional investor capital to growing UK SMEs. Our concerted regional focus and diversified funding sources has driven a significant increase in lending volumes– ThinCats will achieve a record level of funding in 2018.”
David Adam, CIO of BAE Systems Pensions, then shared:
“Our partnership with ThinCats enables us to invest on behalf of our members in an asset class that offers a highly attractive risk-return profile while also making a contribution to UK SMEs, by providing much needed funding to medium sized SMEs as key participants in the UK economy.”
Ravi Anand, Managing Director at ThinCats, went on to add:
“We are delighted to enter a new phase of our partnership with BAE Systems Pensions. Their historic equity support for our business, combined with this new loan funding commitment, ensures ThinCats can continue to support SMEs through the challenges of the ever changing economic outlook in the UK.”
BAE Pension Fund is claimed to be one of the largest pension schemes in the UK.