Nucleus Commercial Finance has updated its Business Cash Advance (BCA) product to be more flexible and support businesses now that all Covid restrictions have been lifted in England.
The alternative lender increased monthly card volumes for new customers from 150 percent to 175 percent and renewals went from 175 percent of monthly card revenue to 200 percent.
Loan decisions are now based on one month of card statements, instead of the previous four month requirement and businesses can receive a BCA for the first time with a maximum limit of Â£ 2million.
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âThe changes to our BCA solution come at an important time for small and medium-sized enterprises (SMEs) as foreclosure restrictions are relaxed in England,â said Chiarg Shah, Managing Director of Nucleus Commercial Finance.
âWe recognize that trading has been difficult for many companies over the past 18 months, which is why we have introduced a number of new industry-leading enhancements to provide SMEs with access to rapid financing solutions and flexible they need for summer trade.
âThe introduction of secure facilities of up to Â£ 2million and making loan decisions based on one month’s card statements are major developments in this industry.
âNo other lender can offer this support to businesses, but we have been able to make these significant improvements thanks to the power of our technology. “
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In April, Nucleus Commercial Finance updated its loans for business growth, increasing the maximum loan amount and extending the term.