ThinCats opens CBILS loans for new SME customers
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UK-based alternative SME lender, ThinCats announced today that it would begin its Coronavirus Business Interruption Loan Scheme (CBILS) loans to new customers that have been introduced through business finance intermediaries.
Amany Attia, Chief Executive, ThinCats said, “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 £1 million up to the £5 million maximum for CBILS.”
The company was accredited as a CBILS lender for term loans in April and had been offering CBILS funding to support existing borrowers. It can now provide support to mid-sized businesses seeking funding between £1 million and £5 million through an adviser.
“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,” Attia added. “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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