Nucleus Commercial Finance has secured a £25m funding line from Paragon Bank.
The alternative business finance provider said the funding line would boost the support it provides to small- and medium-sized enterprises (SMEs).
“We’re getting on with the job of supporting businesses in 2020 and are delighted to be starting the year by announcing this new funding line with Paragon Bank,” Chirag Shah (pictured), chief executive of Nucleus Commercial Finance, said.
“This funding will accelerate the support we’re able to offer to SMEs who are struggling to secure funding from traditional banks.
“Working with Paragon Bank, a specialist in property lending, highlights our strength in this space and is a testament to the strong sourcing, underwriting and execution capability we have at Nucleus.
“We are committed to offering multiple funding options to best suit the needs of SMEs across the UK.
“Every business has different financial needs and our range of products reflects this.
“In addition to our tailored products, our bespoke approach to underwriting ensures that the specific goals and ambitions of each business are met, so that they continue to grow and succeed.”
Adam Daniels, managing director of structured lending at Paragon, said the deal reflects the lender’s “passion for driving the growth of UK SMEs and supporting high-quality lending business.”
“Committing £25m to Nucleus is a testament to the strong client relationships built and the hard work carried out by Paragon’s structured lending team,” he said.