Nucleus Commercial Finance has announced that it has broken through the £1bn barrier in lending to SMEs.
In 2018, Nucleus Commercial Finance provided £282m to businesses to support their growth and secure their futures - an increase in lending of 80% since the start of 2016. Over the last two years the business has realised significant growth. The launch of new products, adoption of technology and the highly experienced team have all been key growth drivers towards this milestone.
2018 was a record breaking year for Nucleus Commercial Finance with:
• Growth delivered across all product lines
• Business cash advance led product growth with total lending up 593% from 2017
• Completion of the largest deal to date - a £14.5m ABL facility to secure the future of a long-standing logistics business and over 800 jobs.
During Q4 2018, the Nucleus team delivered it’s strongest quarter to date lending a total of £16.3m across it’s secured and unsecured loan products - an increase of 73% from the same period in 2017. The newly launched (November 2018) portal, designed specifically for brokers also saw over 900 applications for finance in its first two months.
Commenting on the announcement Chirag Shah, CEO Nucleus Commercial Finance said, “Since 2011 we have worked hard to support UK SMEs, providing the financial products they need, when they need them. I’m very proud to announce that we have reached (and now exceeded) such a fantastic milestone. It is testament to the efforts of the entire team and a real spur for us to continue supporting businesses.
“This is a transitional time for our business and we’re already looking ahead to lending our next £1bn with our multi-product offering and investment in tech being central to delivering this. With half of SMEs not thinking to use external finance to grow their business we have to continue to demonstrate the positive impact additional finance can have on business. We can fund from £5,000 to £50m, and our approach is not to categorise businesses, but instead assess them individually. We look forward to working with many more businesses in this way to reach our £2bn milestone!”