Nucleus Commercial Finance enhances business growth loans
Nucleus Commercial Finance, one of the UK’s leading fintech lenders, has today announced enhancements to its Business Growth Loans, helping to support more UK SMEs as lockdown restrictions are eased. The product, initially launched in March, was the industry’s first solution designed to support SMEs as the government’s Coronavirus Business Interruption Loan Scheme (CBILS) came to an end.
Following high demand for the product, the maximum term length has been extended from six to 12 months, and the upper limit has been raised from £25,000 to £50,000.
Business Growth Loans are powered by Nucleus’ award-winning technology, enabling SMEs to apply, get decisions and receive funding within hours. This technology is leading the way in the industry, with automated decisions using machine learning and AI, allowing businesses to receive the money they need quickly.
The enhancements are part of the lender’s commitment to enable businesses to access immediate and flexible financial support in the ongoing challenging environment. Brokers will be able to submit Business Growth Loans applications to the industry-leading myNucleus portal. Businesses can also directly apply via Nucleus’ website.
Chirag Shah, CEO, Nucleus Commercial Finance comments: “At Nucleus we’re committed to providing SMEs with access to fast and flexible finance solutions and these enhancements are testament to this. Due to increased demand, we’ve implemented these changes to enable more businesses to access support when they most need it, and timed it with the recent lifting of restrictions to ensure we can help all those that are now open and preparing for summer trade.”