East Midlands lender turns towards sub-£500,000 market

ThinCats, the Ashby de la Zouch alternative finance lender, has turned its attention towards the sub-£500,000 market after launching a new product that it says will “streamline” its loans process.

ThinCats’ new Generator product is aimed at business loans between £100,000 and £500,000. The company says Generator-backed lending decisions will continued to be informed by data but ultimately the decision on whether to fund or not will be made by a regional head of credit who has an understanding of local businesses.

Damon Walford, chief development officer at ThinCats, said: “Our priority is helping businesses grow and we are seeing a clear demand for loans worth up to £500,000. Unfortunately, many creditworthy SMEs are being let down by lending decisions made by algorithms that often fail to take into an account how the business works and their growth potential.

“The pilot scheme was successful so we now have the opportunity to serve an even wider market.

“Importantly, our lending decisions are informed by our data, but made by people on the ground, who know the region and who work closely with local corporate finance brokers. Businesses ultimately want a process that is clear, competitive and delivers funding quickly. Generator will help many SMEs who are currently let down by the wider market.”