Nucleus Commercial Finance, the award-winning fintech lender, today announces a new £200 million funding line from two leading global investment management firms.
This funding line will further increase Nucleus’ capacity to support more businesses across the UK, ensuring the lender is positioned to continue its support for SMEs once the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) comes to an end in March.
Nucleus has ambitious plans to deliver this vital funding to businesses through existing solutions and a number of new, flexible products. These new products will come to market during 2021 and respond to the range of financial needs SMEs have right now to support jobs and safeguard their futures.
Supported by its award-winning technology platform myNucleus, as well as its automated underwriting solution, Nucleus will be able to work with more SMEs across all sectors and sizes, providing quick decisions along with the finance they need to operate in a challenging business environment.
Nucleus has lent over £1.7bn to thousands of UK businesses since launch in 2011 and has played a critical role in providing finance to businesses through CBILS. Since becoming an accredited lender, Nucleus has processed over 8,000 applications, supporting businesses employing more than 40,000 people collectively in the UK. Nucleus recently announced its ambition to lend a total of £200 million through the scheme before 30 March 2021.
Nucleus Commercial Finance CEO, Chirag Shah, said: “Once the government loan schemes come to an end later this year there will be a significant funding gap in the UK. This is where Nucleus, as a fintech lender, will continue to play a vital role to bridge this gap and support businesses by providing the finance they need.
“Securing a facility of this size from two leading investment management firms is a big vote of confidence in our ability to originate, underwrite and service UK SMEs. It ensures we are ready to help SMEs and reinforces the role that fintech lenders are playing in the industry. SMEs are now turning to alternative and fintech lenders as the first point of call due to our innovative solutions and ability to provide funds faster than high street banks. The new funding line will further accelerate this trend and cement our position as the leading fintech for SME finance.”