Lenders having access to important borrower data can improve the service they provide in numerous ways, from quicker credit decision making to reducing the ongoing administrative burden for their clients. We look at some of the improvements we made in 2020 and plans for the future.
Find out more about how we helped mid-sized businesses in 2020 and our funding outlook for the year ahead.
Open Banking simply provides lenders like ThinCats, which do not hold the main current account of the business, that same visibility. With Covid-19 causing heightened uncertainty around future cashflows, this enhanced transparency helps improve the efficiency, accuracy and flexibility of the lending process to ensure borrowers get the best funding solution for their needs, both now and in the future.
We are delighted to have partnered with Salt Edge, a leader in offering Open Banking solutions, to improve the efficiency of our upfront credit assessment and ongoing loan monitoring processes.
nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that leading alternative mid-sized business lender, ThinCats, is expanding its use of the nCino Bank Operating System® across its wider SME lending processes. The extension follows the successful deployment of nCino’s Coronavirus Business Interruption Loan Scheme (CBILS) workflow this summer.
One of the consequences of processing more than 1.6 million government backed loan scheme applications is that banks and alternative lenders have been limited in how much “business as usual funding” they could support. This is especially so for those type of deals such as MBOs or some private equity backed deals that were ineligible for CBILS or CLBILS funding.
As accelerating Covid-19 infection rates led to Boris Johnson announcing a national lockdown on 23 March, who could have predicted what the next 6 months would have in store for the economic health of UK businesses and the personal health of its citizens.
We are calling on the Chancellor, Rishi Sunak MP, to extend the current deadlines for the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
ThinCats surveyed over 100 professional corporate finance advisers, brokers and accountants to ascertain their views on the Coronavirus Business Interruption Loan Scheme (CBILS).
As large parts of the UK economy emerge from a pandemic-induced hibernation to take stock of the new post-lockdown reality, businesses’ needs for additional funding will be many and varied.
We are delighted to announce that we are opening up Coronavirus Business Interruption Loan Scheme (CBILS) loans to new customers.
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 employees were asked to take part in a survey to record their views on the current working situation, and how they could see their working life taking shape in the future.
The full economic impact of the coronavirus crisis and how quickly we return to pre-covid levels of economic activity is difficult to predict. The Government seems keen to learn from the lessons of the 2008 financial crisis when measures to protect banks’ deposit holders led to a lack of vital liquidity for businesses.
We have been approved by the British Business Bank as a new accredited lender to provide loans through the Coronavirus Business Interruption Loan Scheme (CBILS). We are currently accepting applications from existing borrowers only.
All of our loans are sourced entirely from institutional capital. Which begs the question: are we now not just like a bank, minus the high-street branch network? The answer is an emphatic “no” for a number of reasons...
“Alternative lending isn’t looking so alternative anymore,” reckons law firm Vinson & Elkins, which services the private equity sector. This is particularly true when it comes to private equity firms raising debt capital. Alternative – also known as direct – lending is the fastest growing asset class in this space.
It is interesting to see that many of the high street banks announce that they plan to lend billions of pounds to support UK SMEs. It reads well as a headline, but does it stack up as a fact?
In 2019 we provided over £200 million of funding for mid-sized businesses, almost double 2018's previous record. In total we have now lent more than £580 million to small and mid-sized businesses across the UK.
You can guarantee that when an election is taking place, you’re likely to see a political leader at a local SME. Hard hats, high-vis jackets and eye-protectors are a must for the photo opportunities. Find the local manufacturer or engineering firm and it’s bound to look good in the manifesto.
Durable business models are underpinned by strong demographic drivers. That’s certainly the case with healthcare: individually and collectively, we’re not getting any younger, for a start. This, perhaps uncomfortable fact, supports the growth of care homes for the elderly.
It’s no secret that the reputation of the main high street banks has been eroded over the past few years, not least in the eyes of those running small and medium-sized enterprises (SMEs). And, while the new wave of challenger banks have been heralded as saviours, they are beset by many of the same underlying problems as their older, larger siblings.
Once upon a time, Britain was a great manufacturing nation. That’s the perception – was. While it’s true that manufacturing makes up a smaller proportion of GDP – 11%, down from about a quarter in the 1970s – what it does, it’s still world class at.
Small business growth opportunities are being stymied through lack of capital, research has found . This is exacerbated because many businesses feel they are unlikely to get a loan to fund their growth plans.
By opening up new flows of capital to UK SMEs, alternative finance is playing an important part in helping UK talent drive improved economic growth. Read our paper on why the UK should care about finding alternatives to traditional bank funding, the benefits to businesses and the future of funding