Nucleus enhances business cash advance product
Nucleus Commercial Finance has made enhancements to its business cash advance product, in order to support more small to medium enterprises (SMEs) as England eases COVID-19 restrictions.
New customers can now borrow up to 175% of their monthly card volumes, up from 150%, while renewals have been increased to 200% from 175% of monthly card revenue.
For the first time, businesses can now receive a secured business cash advance with a limit of up to £2m.
Lending decisions are now based on one month of card statements, instead of the previous requirement of four months.
Chirag Shah (pictured), CEO of Nucleus Commercial Finance, said: “The changes to our business cash advance solution arrive at a significant time for SMEs as lockdown restrictions are eased in England.
“We recognise that trading has been difficult for many businesses over the last 18 months, that’s why we have introduced a number of new, market-leading enhancements to provide SMEs with access to fast and flexible finance solutions they need for summer trade.
“Introducing secured facilities of up to £2m and making lending decisions based on one month of card statements are major developments in this industry.
“No other lender is able to offer this support to businesses, however we have been able to make these significant enhancements due to the power of our technology.”