ThinCats establishes a West Midlands base
BUSINESS loan organisation ThinCats has opened an office in Tamworth.
ThinCats, which now has approaching £7.6m in funds lent out to UK SMEs, provides an online market for secured business loans. Loan opportunities are presented to its investment club as an investment opportunity through an auction model.
Some 50 loans have been agreed to date, with more than 650 registered members of the investment club investing in businesses across the UK. The biggest loan to date for one business is for £600,000
Managing director Kevin Caley said: “ThinCats operates like an investment club for experienced investors seeking low risk investments that produce a better than average return and regular, predictable income.
“We link experienced investors with established business borrowers to provide a serious alternative to High Street banks and we are seeing huge demand for this alternative approach from both sides.
“Our lenders set their own interest rates and make their own investment decisions whilst our borrowers can get loans between £50k and £1m at fixed competitive rates from six months to five years.”
ThinCats – headquartered in Coalville, Leicestershire – has also confirmed that it has expressed an interest in the Government’s Business Finance Partnership, which aims to ease the flow of credit to businesses in the UK by helping to diversify the sources of finance available to them.
