ThinCats has opened its coronavirus business interruption loan scheme (CBILS) finance to new borrowers.
The alternative lender, which focuses on small- and medium-sized enterprises (SMEs), gained accreditation in April and is now offering funding between £1m and £5m under CBILS for new and existing customers.
“Our main priority throughout the pandemic has been on supporting our existing borrowers, however, we now have the opportunity to open up CBILS to new borrowers,” Amany Attia, chief executive of ThinCats, said.
“Our experience with existing borrowers shows that CBILS loans can be used for a wide variety of funding needs including refinancing, growth and acquisitions.
“We will be working closely with business finance advisers to help their clients make the most of the specific benefits of the scheme such as the government payment of the first 12 months interest and legal and lender fees.”
Attia said working capital will become more important as businesses come out of lockdown and the job retention scheme ends.
“The next few months will present challenges and opportunities for a large number of mid-sized businesses and we look forward to supporting them with our bespoke approach to funding,” she added.
ThinCats is one of several alternative lenders accredited to provide CBILS including Nucleus Commercial Finance, Funding Circle and Assetz Capital.
Read more: The P2P CBILS rates on offer to borrowers