Nucleus hits £500m of lending to UK SMEs
Nucleus Commercial Finance, has reached £500m of lending and plans to double this to £1bn in the next 12 months. Lending is up by 100% since April 2016 as more SMEs look for flexible finance solutions to fund their future growth.
Since launch in 2011 Nucleus has lent to UK businesses ranging from start-ups to companies with a turnover of £300m, in a wide variety of sectors. The company has seen strong growth across all its products including asset finance, property finance, construction finance, invoice finance and cashflow finance, and plans to expand its product offering in the year ahead.
Nucleus continues to invest in its infrastructure to support its growing customer base, providing innovative forms of lending and staff dedicated to ensuring clients receive fast and efficient service. The team of 42 will be bolstered with three significant hires specialising in asset-based lending in coming months.
Chirag Shah, CEO, Nucleus, said:
“Whether seeking capital investment, working capital or replacing bank financing, we’re attracting a growing number of businesses thanks to our specialist team’s ability to understand customers’ financing needs and provide timely, tailored solutions.
“There are over 5 million SMEs in the UK and they are absolutely vital to the country’s economic success. Brexit of course creates uncertainty and it will be more important than ever for businesses to be able to get quick lending decisions so they can continue to invest and prosper.
“The government has a range of initiatives in place to support SMEs and the lending industry has a critical role to play in developing the associated solutions and educating businesses on the options available to them. The alternative lending sector has enormous growth potential and we believe that our broad product range and flexible approach means we’re well placed to increase our market share. We’re confident that we can continue the current pace of growth over the next five years and are developing our products and adding to our expert team to facilitate this.”