Nucleus Commercial Finance has secured a £200m funding line, with which it will continue its support for SMEs once the CBILS comes to an end.
Nucleus Commercial Finance has secured a £200m funding line from two global investment management firms.
This funding line aims to further increase Nucleus’ capacity to continue its support for small to medium enterprises (SMEs) once the government’s Coronavirus Business Interruption Loan Scheme (CBILS) comes to an end in March.
Nucleus has plans to deliver this funding to businesses through existing solutions and a number of new, flexible products; these will come to market during 2021, and respond to the range of financial needs SMEs have to support jobs and safeguard their futures.
Nucleus has lent over £1.7bn to UK businesses since launch in 2011.
Since becoming an accredited lender under CBILS, Nucleus has processed more than 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 £200m through the scheme before 30 March 2021.
Chirag Shah (pictured), CEO of Nucleus Commercial Finance CEO, 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.”
