Nucleus Commercial Finance Deploys Loans for Business Growth in UK
UK based FinTech lender, Nucleus Commercial Finance today announced the launch of Business Growth Loans to support SMEs following the government’s Coronavirus Business Interruption Loan (CBILS) program. The offer aims to support businesses with additional funding once CBILS is completed.
According to the company, Business Growth Loans provide SMEs with immediate financial support to operate in today’s difficult environment. Limits start from £ 3,000 up to a maximum of £ 25,000, with a duration of six months. Eligible businesses will have the opportunity to request a supplement each quarter.
Chirag Shah, CEO, Nucleus Commercial Finance commented: “We continue to fully support CBILS and are proud to have loaned a total of £ 180million to date under the program. Our loans through CBILS mean we can see the additional support businesses currently need and the funding gap it will leave after the program ends. This has led us to design a product that will continue to provide businesses with the essential financing they need to survive and recover. “
The company also said brokers and introducers will be able to submit business growth loan applications on the myNucleus portal. Companies can also apply directly through the Nucleus website.
Recently, Nucleus Commercial Finance announced that it has digitized the end-to-end user journey for all financial applications, including lending through 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. Investing in fintech innovation means we are best positioned in the industry to support post-CBILS SMEs through the ability to design flexible products. These creative solutions, driven by cutting-edge technology, will further reinforce the fact that fintechs can no longer be considered as an alternative; we are the true traditional lender.