This week, Funding Bay are putting the spotlight focus on lender Nucleus Commercial Finance. Funding Bay work closely with Nucleus who have been a top player in the alternative finance market for a while now. They were founded in 2011, with the mission to provide UK SMEs with alternative funding options and have already lent over £1bn to businesses across the UK. Nucleus received accreditation to the government backed loan scheme, CBILS in July 2020, and they have since pledged to lend £200m to SMEs in CBILS by the end of March, a target that is well on its way. Nucleus was named Alternative Finance Platform of the Year 2020 at the AltFi Awards in December 2020.
Today, Funding Bay takes a closer look.
What is unique about Nucleus as a lender?
What makes Nucleus unique is that we provide a multitude of products. Many of our competitors offer just one type of funding, whereas we can combine different products to create an entirely bespoke funding solution for each of our customers.
Which financial products do you specialise in?
We specialise in multiple products – both secured and unsecured, including: Cash Flow Finance, Business Cash Advance (our unsecured products) and Property Finance, Asset-Based Lending, Construction Finance, and Invoice Finance (our secured offering).
What advice do you have for businesses who are hesitant to take out funding?
We recently conducted research about business sentiment around COVID-19 and Brexit. We found that a third of businesses believe Brexit will have a negative impact on their business and they feel completely uniformed about what Brexit means for their future, with over 75% of businesses having made no changes to ensure they survive post-Brexit. We believe that securing your financial future is key to ensuring your business survives both the pandemic and whatever impact Brexit has. If there is anything we have learnt over the last year, it is that businesses need to make sure they have enough money in the bank to survive whatever challenges might come next. So, our advice is that being hesitant now is only going to hold businesses back from getting themselves into a stronger position once again.
Also, it is worth remembering that even if you do not need the funds today, it is imperative that businesses look at their medium-term cash flow when deciding to apply for finance. It is easier to get the right funding when your business is in a stronger position, so leaving it until there is no other option is never the best approach to take.
How will Nucleus’ lending market change post CBILS?
We are always working to improve our products and services to ensure that our customers get the very best financial solutions available to them. Therefore, we will be releasing new products in the very near future which will take into account challenges that arise due to situations like the pandemic and Brexit. Our aim is to always provide the most innovative and flexible funding to the UK SME market place to enable them to thrive.”
Who is a client you are particularly proud of?
A case study we are particularly proud of was our client Energy Angels. We got them a cash flow loan allowing this customer to boost its working capital whilst also reducing their interest payable and removing the existing debentures on the business. They help to negotiate better rates for thousands of people in need across the country, as well as securing free periods of energy for both vulnerable people and key NHS workers.
To find out more about Nucleus, visit their website here.
Get in touch with Funding Bay who will be able to put your application in direct contact with Nucleus.
