Online lender offers purr-fect market solution
An online business loan company is planning to enter the Northern Ireland market.
ThinCats.com 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."