Nucleus Commercial Finance, one of the UK’s leading fintech lenders, has today announced enhancements to its Business Cash Advance (BCA) to support more SMEs as England eases Covid-19 restrictions.
With SMEs showing high demand for finance as they prepare for post-lockdown trading, the fintech lender has made a number of changes and new additions to the BCA solution, providing businesses with more options and flexibility. The enhancements are:
- New customers can now borrow up to 175% of their monthly card volumes, rising from 150%
- 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 £2 million
- Lending decisions are now based on one month of card statements, instead of the previous requirement of 4 months.
Commenting, Chiarg Shah, 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 £2 million 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.”