Nucleus Commercial Finance has updated its business cash advance (BCA) product to be more flexible and support businesses now all Covid restrictions have been lifted in England.
The alternative lender has increased monthly card volumes for new customers from 150 per cent to 175 per cent and renewals have risen from 175 per cent of monthly card revenue to 200 per cent.
Lending decisions are now based on one month of card statements, instead of the previous four-month requirement and businesses can receive a BCA with a limit of up to £2m for the first time.
“The changes to our BCA solution arrive at a significant time for small- and medium-sized enterprises (SMEs) as lockdown restrictions are eased in England,” said Chiarg Shah, chief executive of Nucleus Commercial Finance.
“We recognise that trading has been difficult for many businesses over the last 18 months, that’s why we have introduced a number of new, market-leading enhancements to provide SMEs with access to fast and flexible finance solutions they need for summer trade.
“Introducing secured facilities of up to £2m and making lending decisions based on one month of card statements are major developments in this industry.
“No other lender is able to offer this support to businesses, however we have been able to make these significant enhancements due to the power of our technology.”
In April, Nucleus Commercial Finance updated its business growth loans, raising the maximum loan amount and extending the term length.