ThinCats has been named among the latest alternative lenders to be accredited under the coronavirus business interruption loan scheme (CBILS).
The business finance provider, which exited the retail peer-to-peer lending market in favour of institutional funding last year, will provide term loans to its existing borrowers at first and will later extend it to new applicants.
“We are delighted that the British Business Bank (BBB) has approved ThinCats as an accredited lender for CBILS,” Ravi Anand, managing director of ThinCats, said.
“Our initial focus will be on those businesses that we know the best and can therefore help most quickly, which are existing ThinCats borrowers.”
Allied Irish Bank, Paragon Bank and Independent Growth Finance were also approved, taking the total number of lenders under the scheme to 48.
“Accredited lenders have continued to see an incredible demand for CBILS, so the BBB is helping to meet that demand and provide even more choice for smaller businesses by approving additional lenders for accreditation to the scheme,” Keith Morgan, chief executive of the BBB, said.
“These newly accredited lenders will be able to deploy vital funding and get additional finance flowing to smaller businesses across the UK as quickly as possible.”