Nucleus Commercial Finance has secured a £200m funding line from two investment managers to finance its support for businesses once the coronavirus business interruption loan scheme (CBILS) ends.
The fintech lender, which was accredited for CBILS in July 2020, said it plans to deliver this funding to businesses through existing solutions and new, flexible products that will be launched to market this year.
The deadline for CBILS applications is 31 March 2021.
Read more: The alternative lenders accredited for CBILS
“Once the government loan schemes come to an end later this year there will be a significant funding gap in the UK,” said Chirag Shah, chief executive of Nucleus Commercial Finance.
“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 small- and medium-sized enterprises (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.”
Earlier this month, Nucleus Commercial Finance said it was hoping to lend £200m to businesses by the end of CBILS.