Damon Walford

ThinCats introduces generator product




ThinCats has launched its new generator product, which aims to streamline the secured business loans process for facilities between £100,000 and £500,000.

Generator-backed lending decisions are informed by data, but made by the regional head of credit, who has an understanding of local businesses.

The SME lender believed this process would provide a clear and transparent criterion for a quicker result on funding decisions at a competitive price.

ThinCats will work closely with corporate finance brokers and piloted the product earlier this year in three regions across the UK.

Damon Walford, chief development officer at ThinCats (pictured above), said its priority was helping businesses grow and was seeing a clear demand for loans worth up to £500,000.

“Unfortunately, many creditworthy SMEs are being let down by lending decisions made by algorithms that often fail to take into account how the business works and their growth potential.

“The pilot scheme was successful, so we now have the opportunity to serve an even wider market.

“Importantly, our lending decisions are informed by our data, but made by people on the ground, who know the region and who work closely with local corporate finance brokers.

“Businesses ultimately want a process that is clear, competitive and delivers funding quickly.

“Generator will help many SMEs [which] are currently let down by the wider market.”

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