"Once the government loan schemes come to an end later this year there will be a significant funding gap in the UK."
The funding line will further increase Nucleus’ capacity to support SMEs once the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) comes to an end in March.
Nucleus has also announced plans to launch a number of new products during 2021.
Nucleus has lent over £1.7bn to thousands of UK businesses since launch in 2011. Since becoming an accredited lender, Nucleus has processed over 8,000 applications. Nucleus recently announced its ambition to lend a total of £200 million through the scheme before 30 March 2021.
Chirag Shah, CEO of Nucleus Commercial Finance, said: “Once the government loan schemes come to an end later this year there will be a significant funding gap in the UK. This is where Nucleus, as a fintech lender, will continue to play a vital role to bridge this gap and support businesses by providing the finance they need.
“Securing a facility of this size from two leading investment management firms is a big vote of confidence in our ability to originate, underwrite and service UK SMEs. It ensures we are ready to help SMEs and reinforces the role that fintech lenders are playing in the industry. SMEs are now turning to alternative and fintech lenders as the first point of call due to our innovative solutions and ability to provide funds faster than high street banks. The new funding line will further accelerate this trend and cement our position as the leading fintech for SME finance.”
