ThinCats passes £10m loan mark

LOAN organisation ThinCats has now facilitated over £10m worth of loans.

The organisation, which established a West Midlands base in Tamworth in September, provides an online market for secured business loans to SMEs. Loan opportunities are presented to its investment club as an investment opportunity through an auction model.

So far Thincats has made 64 loans to businesses by creating lending syndicates from its members. The auction site already has 870 members and is growing at the rate of about three a day.

Managing director Kevin Caley said: “This is a key milestone for ThinCats because it also means that we have achieved break even.”

The organisation – which is attempting to help fill a vacuum left by banks unwilling to lend – is now forecasting that by June of next year £25m of loans will have been made.

All ThinCats’ loans go through an assessment carried out by a network of former bank managers.

Caley added: “We set out to behave like traditional bankers, providing help and support to borrowers. Our aim is to capture part of the small business loan market the banks have abandoned.”