Nucleus Commercial Finance (NCF) has announced up to £200m in new funding from NatWest to bolster its core unsecured lending product, the Nucleus Business Loan (NBL).
NatWest’s funding brings Nucleus’ total funding to £900m, helping them inch ever closer to surpassing their £3 billion lent milestone since launching 12 years ago. This new funding line from NatWest will enable NCF to continue supporting the UK’s economic backbone through its short and long-term unsecured loan product, with 2,000+ small and medium-sized businesses potentially benefiting directly from this new funding facility alone.
SMEs across the UK can access up to £2m through a Nucleus Business Loan and receive a decision in minutes thanks to the fintech lender’s AI-powered automated underwriting system. With insolvencies at the highest level since 2009, this could prove a genuine lifeline for UK SMEs.
Nucleus will use the facility with NatWest to increase its flexibility and drive innovation, offering more competitively priced funding to UK SMEs at speed while providing the structure businesses need to withstand downside risks and adverse market conditions.
Nucleus Commercial Finance CEO, Chirag Shah, comments: ‘There has been a significant funding gap in the UK for several years, leaving SMEs struggling to meet their full potential through lack of access to financing.
“With innovation a top priority for fintech lenders, businesses are now finally able to seamlessly secure the funding they need to thrive. Through investments in tech, including embracing AI and the Open Banking/Open Accounting initiatives, we’ve managed to overhaul our entire lending process and now 96% of our decisions are made in under one minute.
‘Nucleus Business Loans provide a viable and accessible alternative, delivering the finance SMEs need to grow, with the speed and terms suited to their needs. Our straightforward approach to securing funding means that we can work with SMEs to provide the financial boost required to unlock their ambitions, by ensuring that they have the right finance in place for the future.
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
