Belfast Telegraph

Online lender offers purr-fect market solution

By Heather McGarrigle

An online business loan company is planning to enter the Northern Ireland market. allows investors to make secured loans direct to UK businesses of between £50,000 and £1m.

Companies take part in an 'auction' in which lenders decide what they want to lend and at what rate - at the end of the auction investors offering the best deal make up the lending syndicate.

A firm must secure the support of a 'sponsor' to be eligible for an auction. The sponsor helps prepare a company information pack for investors to base decisions on.

Sponsors earn a success-related fee for their work and ThinCats estimates that each sponsor will be able to handle between four and 12 deals a year.

Kevin Caley, managing director of ThinCats, said: "Bank loans are still worryingly hard to come by and we are keen to build on our success to date by expanding our service in Northern Ireland."