The £50,000 cash flow finance facility will help Energy Angels avoid the furlough of employees and continue its work throughout the pandemic.
Nucleus Commercial Finance has provided a £50,000 facility to energy management, advice and comparison service provider Energy Angels, enabling the business to continue operating at full capacity during the COVID-19 crisis.
Based in Wolverhampton, Energy Angels is an energy intermediary, helping households and businesses switch providers during void periods and supporting in negotiations with providers for free periods of energy to those in need.
The business works closely with local authorities and housing associations to provide energy to the vulnerable, as well as rehomed NHS key workers.
The £50,000 cash flow finance facility from Nucleus Commercial Finance is structured over five years and will be used to clear past loans and remove debentures.
It will give Energy Angels access to a larger cash pot to avoid the furlough of employees and continue its work throughout the pandemic.
Lewis Taylor, founder and managing director of Energy Angels, said: “Working with Nucleus Commercial Finance allows us to continue providing our services to those that need it most during these difficult times.
"The combination of Nucleus’ tech infrastructure, supportive team and the accessibility of information via the online portal led to a quick and accurate approval process, ensuring we got the funding we needed in a timely manner.”
Mark Swindell, business development manager at Nucleus Commercial Finance, said: “We are pleased to support Energy Angels in delivering on its mission to help those in need during the global pandemic.
"This finance facility benefits from the new five year term on our cash flow offering, which we implemented in response to an increase in demand from small businesses for cash flow finance.
“[Small to medium enterprises] in this region of the country are being hit particularly hard by the economic effects of the coronavirus and so it is imperative they can access the finance needed to avoid collapse.
"This deal shows that we are committed to supporting small businesses in the Midlands now more than ever as it continues to play a key role in the UK economy.”
