Cannock companies secure £400k funds
Two Cannock-based firms have secured investment totalling £400,000 from peer-to-peer internet lender ThinCats.com.
Red Advertising, which obtained a £150,000 loan, operates a suite of 47 internet job boards including medicaljobs.co.uk and bankingjobs.co.uk.
It will receive the funding over a five-year period through West Midlands lender ThinCats.com to roll out additional product lines and add 12 members of staff to its current team of eight.
ThinCats also arranged another loan to Cannock's TGI Corporation. The company imports hooded tops, primarily for the university market. TGI borrowed £250,000 to take on more stock and broaden its product range.
Kevin Caley, managing director of ThinCats.com said: "Our approach harks back to a time when businesses would have enjoyed a personal relationship with a traditional bank manager who had the ability to make lending decisions.
"By getting under the skin of each business and building a rapport with their management team, we are able to make a much more informed decision about a company's ability to repay than if we relied purely on computer systems and credit scores. This means businesses get quicker decisions than they would receive from their banks, and with fewer hurdles."
