Nucleus Commercial Finance secures £200m funding facility from NatWest
UK SME lender Nucleus Commercial Finance has secured a funding facility of up to £200 million from NatWest to fuel its business loans.
Nucleus says this new facility, which brings its total lending capacity to date to £900 million, will help the firm support more than 2,000 small and medium-sized UK businesses with its short and long-term unsecured loan product Nucleus Business Loan.
The company’s offering allows UK SMEs to access up to £2 million, with the lender’s AI-led automated underwriting system enabling a loan decision to be made in “minutes”.
“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,” claims Chirag Shah, CEO of Nucleus.
“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.”