Nucleus accredited under Recovery Loan Scheme

Nucleus Commercial Finance has been accredited by the British Business Bank under the government-backed Recovery Loan Scheme (RLS).

Nucleus will provide loans from £30,000 to £10m (£30m per group) — available across secured and unsecured options — for SMEs seeking financial support as a result of the pandemic. 

The lender will offer interest-only on all RLS term loans, meaning businesses will make interest payments over the first 12 months of their six-year Nucleus RLS loan, rather than repaying both interest and principal.

This aims to help companies with significantly lower repayments over the first 12 months as they recover.

This follows the lender’s contribution to the previous CBILS programme, during which it processed over 12,000 applications and provided £438m in 2020 to support SMEs.

Chirag Shah, CEO at Nucleus Commercial Finance (pictured above), said: “We’re delighted to have been accredited under the RLS.

“Underpinning our RLS offering is our industry-leading technology, which enables us to process applications and deliver funds to businesses within hours. 

“This allowed us to play a major role in CBILS, demonstrating the role fintech lenders play at a time when traditional banks and other alternative lenders were struggling to keep up. 

“As we continue to emerge from the pandemic, we look forward to supporting businesses on the road to recovery. 

“SMEs are the backbone of the economy and, by providing continued access to finance, we can not only help them achieve future growth but bolster our economy too.”

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