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Exclusive: Nucleus Commercial Finance launches new post-CBILS lending product

The alternative lender says SMEs can apply and get decisions and receive funding of up to £25,000 on the same day.

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Nucleus Commercial Finance

Nucleus Commercial Finance has launched a new lending product to help UK SMEs borrowing through the government’s Coronavirus Business Interruption Loan Scheme (CBILS) to top-up existing funds.

The new line of funding, named Business Growth Loans, allows companies to borrow up to £25,000 with a term of six months as the government-backed scheme comes to an end. Qualifying businesses will have the option to apply for a top-up every quarter. 

CBILS will finish on 31 March but will be replaced by a new scheme announced in last week’s budget.  

Chirag Shah, CEO, Nucleus Commercial Finance comments: “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 launch of Business Growth Loans follows Nucleus securing a new £200m funding line in January from two global investment management firms. The finance increases Nucleus’ capacity to support businesses in 2021 through this new product and a number of existing solutions.

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.”

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