NUCLEUS Commercial Finance has hit the £1bn lending mark, after record growth in 2018.
The alternative business finance provider lent out £282m to businesses last year, during which time it completed its largest facility to date, a £14.5m asset-backed loan to a logistics business.
The greatest growth came from its business cash advance product, which saw a 593 per cent year-on-year increase in volumes.
The London-based firm also reported a record quarter in the last three months of 2018, lending out £16.3m across its secured and unsecured loan products – a 73 per cent year-on-year increase.
“Since 2011 we have worked hard to support UK SMEs, providing the financial products they need, when they need them,” said Chirag Shah (pictured), chief executive of Nucleus Commercial Finance.
“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.”