Nucleus Commercial Finance rolls out Business Growth Loans in the UK

By Megha Bhattacharya

UK-based FinTech lender, Nucleus Commercial Finance today announced the launch of Business Growth Loans for supporting the SMEs post the government’s Coronavirus Business Interruption Loan Scheme (CBILS). The offering aims to support businesses with additional funding once CBILS ends.

According to the company, Business Growth Loans provide SMEs with immediate financial support to operate in the ongoing challenging environment. 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.

Chirag Shah, CEO, Nucleus Commercial Finance commented, “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 company also said that brokers and introducers will be able to submit Business Growth Loans applications to the myNucleus portal. Businesses can also directly apply via Nucleus’ website.

Recently, Nucleus Commercial Finance announced that it has digitised the end-to-end user journey for all finance applications, including loans through the CBILS.

Shah added, “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.”