Prestige Funds’ lending partner Nucleus Commercial Finance accredited for recovery loan scheme

Nucleus Commercial Finance, Prestige Funds’ lending partner specialising in the UK SME sector, has been accredited by the British Business Bank under the government backed Recovery Loan Scheme (RLS). Nucleus will also be able to offer 12 months interest only on all RLS term loans.

The UK Government-backed RLS supports access to finance for UK businesses as they recover and grow following the pandemic. Funds can be used for any legitimate business purpose, including managing cashflow, growth and investment. It is designed to appeal to businesses that can afford to take out additional finance for these purposes.

Under the scheme, Nucleus will provide loans from GBP 30,000 to GBP 10 million (GBP 30 million per group) for SMEs seeking financial support as a result of the COVID-19 pandemic. RLS term loans will be available across both secured and unsecured finance options.

The accreditation follows Nucleus playing a role in the government’s Coronavirus Business Interruption Loan Scheme (CBILS). The fintech lender processed over 12,000 applications, lending GBP 438 million in 2020 to support SMEs.

Chirag Shah, CEO, Nucleus Commercial Finance, said: “We’re delighted to have been accredited under the Recovery Loan Scheme, and pleased to be able to offer interest-only on all RLS loans. As we continue to emerge from the pandemic, we look forward to supporting businesses on the road to recovery. SMEs are the backbone of the economy and by providing continued access to finance we can not only help them achieve future growth but bolster our economy too.”

Underpinning the RLS offering from Nucleus is the company’s industry-leading technology, which enables it to process applications and deliver funds to businesses within hours. This allowed Nucleus to play a major role in CBILS, demonstrating the role fintech lenders play at a time when traditional banks and other alternative lenders were struggling to keep up.

Craig Reeves, founder of Prestige Group, added: “Nucleus Commercial Finance is winning recognition for its technology and expertise throughout the UK SME finance sector. This accreditation from the British Business Bank is further testament to the deep level of SME lending experience and risk management at Nucleus.”