Nucleus Commercial Finance has launched business growth loans of up to £25,000 to support small- and medium-sized enterprises (SMEs) once the coronavirus business interruption loan scheme (CBILS) ends.
The business growth loans, which will also serve as a top-up to CBILS, will provide funds from £3,000 to £25,000, with a term of six months. Qualifying businesses will have the option to apply for a top-up every quarter.
The business growth loans are powered by Nucleus’ technology that uses machine learning and artificial intelligence to provide automated decisions, allowing SMEs to receive funding within hours.
Brokers and introducers will be able to submit business growth loans applications through the myNucleus portal or directly apply via Nucleus’ website.
CBILS ends on 31 March and will be replaced by a state-backed recovery loan scheme on 6 April.
“We continue to be fully supportive of CBILS and are proud to have lent a total of £180m to date through the scheme,” said Chirag Shah, chief executive of Nucleus Commercial Finance.
“Our lending through CBILS means we can see the additional support businesses currently require and the funding gap it will leave once the scheme ends. This has driven us to design a product that will continue to provide businesses with the vital finance they need to survive and recover.
“The ability for SMEs to apply, get a decision and receive funding on the same day demonstrates the power of technology in the lending process. Investment in innovation from fintechs means we are best positioned in the industry to support SMEs post-CBILS thanks to the ability to design flexible products.
“These creative solutions, which are driven by cutting-edge technology, will further reinforce that fintechs can no longer be considered an alternative; we are the true mainstream lender.”
The launch of business growth loans follows Nucleus securing a new £200m funding line in January from two global investment management firms.
Nucleus said the finance increases its capacity to support businesses in 2021 through this new product and a number of existing solutions.