Nucleus launches business growth loans
Nucleus Commercial Finance has launched business growth loans.
According to the lender, this is the first product of its kind designed to support small to medium enterprises (SMEs) as a top-up to the government’s Coronavirus Business Interruption Loan Scheme (CBILS).
The product is also intended to help businesses nationwide with additional funding once CBILS ends.
Limits start from £3,000 up to a maximum of £25,000, with a term of six months; qualifying businesses will have the option to apply for a top-up every quarter.
Brokers and introducers will be able to submit business growth loans applications to the the lender’s myNucleus portal, while businesses can also directly apply via Nucleus’ website.
Chirag Shah, chief executive of Nucleus Commercial Finance, said: “We continue to be fully supportive of CBILS and are proud to have lent a total of £180m to date through the scheme.
“Our lending through CBILS means we can see the additional support businesses currently require and the funding gap it will leave once the scheme ends.
“This has driven us to design a product that will continue to provide businesses with the vital finance they need to survive and recover.
“The launch of business growth loans follows Nucleus securing a new £200m funding line in January from two global investment management firms.
“The finance increases Nucleus’ capacity to support businesses in 2021 through this new product and a number of existing solutions.
“The ability for SMEs to apply, get a decision and receive funding on the same day demonstrates the power of technology in the lending process.
“Investment in innovation from fintechs means we are best positioned in the industry to support SMEs post-CBILS thanks to the ability to design flexible products.
“These creative solutions, which are driven by cutting-edge technology, will further reinforce that fintechs can no longer be considered an alternative; we are the true mainstream lender.”