Nucleus and Advantedge Commercial Finance hit lending milestones

Nucleus Commercial Finance and Advantedge Commercial Finance have both reached lending milestones.

Nucleus Commercial Finance

Nucleus Commercial Finance has achieved £2bn of lending to SMEs.

This follows recent record growth for the company, which saw it lend over £450m to UK businesses in 2020, driven by its involvement and contribution to the government’s CBILS programme and its application of technology to improve the lending experience for brokers and businesses.

The launch of its automated underwriting solution and the implementation of Open Banking has resulted in the fintech making 90% of application decisions within one hour.

This enabled the company to scale lending across its full product suite and introduce new offerings, including its business growth loans, designed to help companies with flexible funding post-CBILS.

Chirag Shah, CEO at Nucleus Commercial Finance, said: “We’re delighted to have broken the £2bn milestone just two years after reaching £1bn in lending. 

“This is a testament to the Nucleus team’s hard work and ambition to innovate and create the unique solutions that SMEs need.

“SMEs have faced a challenging 18 months, 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.”

Advantedge Commercial Finance

Advantedge Commercial Finance has announced it has lent over £100m to UK SMEs.

In the first six months of this year, the firm has seen a 28% increase in the number of new client facilities compared to the same period in 2020, and a 2% rise on 2019 levels.

The lender continues to witness high level demand for invoice finance facilities and is forecasting a year end growth of 6% in new client loans over 2019 levels.

The business attributes its growth to its strategic plan, focused on expanding its national coverage through regional client centres.

David Tilling, CEO at Advantedge Commercial Finance, commented: “It’s a real milestone for the team who are passionate about being there to support our clients. 

“We truly understand our clients and their customers, and we all go the extra mile to ensure we do what we can to provide the availability of funding required to support our clients as they deal with the challenges and demands of doing business.  

“It’s a recognition of our visibility during the last 18 months, making ourselves available to businesses to discuss funding options.  

“We need to encourage SMEs to invest in their growth as they recover from the last 18 months; ensuring that they can access fast, flexible, and easy funding solutions will increase their confidence in an uncertain economy.”

Recently, Advantedge Commercial Finance was acquired by US-based eCapital Corp, enabling the lender to continue its expansion plans with additional funding and security.

Leave a comment