Alternative lender Nucleus Commercial Finance has passed its £2bn lending milestone, just two years after reaching the £1bn mark.
The rapid growth is believed to have been due largely to the platform’s involvement in government-backed pandemic lending schemes.
It was one of the first alternative lenders to be authorised to offer the government’s Coronavirus Business Interruption Loan Scheme (CBILS), and it has recently been approved to the follow-on Recovery Loan Scheme (RLS).
Nucleus processed over 12,000 applications for CBILS funding, lending £438m to SMEs under the scheme last year.
Earlier this month, Nucleus’ chief executive Chirag Shah (pictured) revealed that Nucleus would be the first lender to offer interest-only on all RLS loans.
“SMEs have faced a challenging 18 months,” said Shah. “But we have demonstrated the crucial role fintech lenders play in providing the vital support businesses need to survive and thrive.
“SMEs and brokers have experienced the benefits of our automated underwriting and Open Banking solutions, and we are extremely excited to take them on the next stage of our journey as we continue to build and evolve our technology to deliver what the industry needs for the future.”
Read more: Nucleus updates business growth loans