ThinCats accredited by British Business Bank to provide CLBILS
ThinCats, the leading alternative lender to mid-sized UK SMEs has been approved by the British Business Bank as a new accredited lender to provide term loans through the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
ThinCats is the first non-bank lender to receive CLBILS accreditation for term loans.
CLBILS funding will be used by ThinCats initially to support businesses that have an existing ThinCats loan. Plans to make the scheme available to new borrowers may be announced at a later date.
The Coronavirus Large Business Interruption Loan Scheme, delivered through British Business Bank accredited lenders, is designed to support the continued provision of finance to UK businesses during the Covid-19 outbreak. The scheme enables lenders to provide facilities of up to £200m to larger businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
Amany Attia, chief executive officer, ThinCats: “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.”
