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Home Business News ThinCats extends CBILS loans up to £5m to new borrowers

ThinCats extends CBILS loans up to £5m to new borrowers

by LLB Reporter

ThinCats, the leading alternative lender to mid-sized UK SMEs has today announced that it is opening up Coronavirus Business Interruption Loan Scheme (CBILS) loans to new customers introduced through business finance intermediaries.

Since becoming an accredited CBILS lender for term loans in late April, ThinCats has been providing CBILS funding to support existing borrowers. From 13 July mid-sized businesses seeking funding between £1m and £5m can apply for a CBILS loan from ThinCats through an adviser.

Amany Attia, Chief Executive of ThinCats, “Our main priority throughout the pandemic has been on supporting our existing borrowers, however, we now have the opportunity to open up CBILS to new borrowers. Given our expertise in supporting mid-sized businesses we will be offering loans from £1m up to the £5m maximum for CBILS.

“Our experience with existing borrowers shows that CBILS loans can be used for a wide variety of funding needs including refinancing, growth and acquisitions.

“We will be working closely with business finance advisers to help their clients make the most of the specific benefits of the scheme such as the Government payment of the first 12 months interest and legal and lender fees.

“For many businesses, coming out of lockdown will require working capital funding particularly as the benefits from government support programmes, such as the Job Retention Scheme, start to unwind.

“The next few months will present challenges and opportunities for a large number of mid-sized businesses and we look forward to supporting them with our bespoke approach to funding.”

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