debt Red Advertising


Job advertising network Red Advertising secured a five-year loan of £150,000 through ThinCats. SmallBusiness learns more from managing director Richard Clarke.


What has been your experience of trying to raise funds prior to discovering ThinCats? Our story must be a common one; trying to get credit out of the main banks was a nightmare. We’ve got a good track record, a robust, solvent business with solid accounts. We also have a good deal of intellectual property assets but you can’t rate them in the same way you would bricks and mortar and it’s not easy for the banks to appreciate this kind of value. We’ve been turned down by pretty much every bank.


Why did you choose ThinCats? At the time we raised funds, Funding Circle was offering a maximum loan of £100,000, whereas we needed more. Funding Circle also draws on an Experian business credit score, so if you’ve got an average credit score you’re not going to rank well on the rating chart. ThinCats takes more of an analytical view; as long as you have got security, or assets that can cover the loan they will lend to you. ThinCats is also very approachable, you can talk to their people easily.


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How would you sum up the new online financing marketplace? It’s brilliant; a lifeline that businesses need and hopefully there will be more of them in the market. Banks aren’t interested in lending to businesses, these websites are, it’s as simple as that. n


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