Nucleus Commercial Finance says lending is up by 100% since April 2016 as more small and medium sized businesses look for flexible finance solutions to fund their future growth.
Nucleus is a leading specialist in alternative finance for SMEs and has reached £500 million of lending. It plans to double this to £1 billion in the next 12 months.
Launched in 2011, the firm has lent to UK businesses ranging from start-ups to companies with a turnover of £300 million, in a wide variety of sectors.
Nucleus Commercial Finance CEO Chirag Shah said: “Whether seeking capital investment, working capital or replacing bank financing, we’re attracting a growing number of businesses thanks to our specialist team’s ability to understand customers’ financing needs and provide timely, tailored solutions.
“There are over 5 million SMEs in the UK and they are absolutely vital to the country’s economic success. Brexit of course creates uncertainty and it will be more important than ever for businesses to be able to get quick lending decisions so they can continue to invest and prosper.
“The government has a range of initiatives in place to support SMEs and the lending industry has a critical role to play in developing the associated solutions and educating businesses on the options available to them. The alternative lending sector has enormous growth potential and we believe that our broad product range and flexible approach means we’re well placed to increase our market share. We’re confident that we can continue the current pace of growth over the next five years and are developing our products and adding to our expert team to facilitate this.”