Nucleus Commercial Finance reaches £ 2 billion in cumulative loans to SMEs

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Over £ 450million of total loans were distributed in 2020 alone.

Image source: Chirag Shah / Nucleus.

Just two years after exceeding £ 1bn in lending, Nucleus Commercial Finance today revealed that its cumulative lending to SMEs has now reached £ 2bn.

This figure was reached after a phenomenal 12-month growth, during which Nucleus loaned more than £ 450million to small businesses last year.

This acceleration was driven by demand from businesses affected by Covid-19, as well as the lender’s involvement in the government’s Coronavirus Business Interruption Loan (CBILS) program.

“SMEs have gone through a difficult 18 months,” said Chirag Shah, CEO of Nucleus. “But we have demonstrated the critical role fintech lenders play in providing the vital support businesses need to survive and thrive.”

Over the past year, Nucleus has launched an automated underwriting process and implemented the use of open banking to make lending decisions faster.

In March, the lender introduced growth loans, intended to finance growth and provide working capital of between £ 3,000 and £ 50,000 with a short term of up to 12 months.

“SMEs and brokers have reaped the benefits of our automated underwriting and open banking solutions, and we are extremely excited to take them to the next step in our journey as we continue to develop and do evolve our technology to deliver what the industry needs for the future. “Shah added.

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