ThinCats gets approved as CLBILS lender by the British Business Bank

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UK-based ThinCats, an alternative lender to mid-sized SMEs, announced today that the British Business Bank has approved it as a new lender under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). This makes it the first non-bank lender to receive accreditation under CLBILS for providing term loans.

Amany Attia, Chief Executive Officer, ThinCats said, “We are delighted that the British Business Bank has approved ThinCats as the first non-bank lender accredited for CLBILS term loans. Our initial priority is to support our existing borrowers who we know well and can, therefore, help most quickly.”

“Our focus remains on supporting mid-sized SMEs, however, we found that some of our larger customers with turnover greater than £45m also require funding, which we cannot provide under our existing CBILS accreditation. It made sense, therefore, to apply for the CLBILS accreditation to enable us to extend our support to slightly larger businesses. We will make further announcements about making CLBILS available to new borrowers in due course.”

ThinCats will be able to use the CLBILS funding to assist businesses that have an existing ThinCats loan. The company is expected to make the scheme available to new borrowers soon. The Coronavirus Large Business Interruption Loan Scheme aims to offer continued support to UK businesses during the COVID-19 pandemic. It enables lenders to provide assistance of up to £200m to larger businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cash flow.