Commercial financers team up with bank to announce £25m funding line

Nucleus Commercial Finance and Paragon Bank have announced a £25m funding line to support small and medium-sized enterprises (SMEs) through secured loans and property finance.

The funding, which is in addition to Nucleus’ existing £50m of funding for the project, will enable the company to extend financial support to growing and start-up businesses.

Nucleus now has over £175m of funding lines available to support UK SMEs and has to date funded more than 2,100 small businesses across the country, providing a total amount of £1.3bn to British businesses.

Chirag Shah, CEO of Nucleus Commercial Finance, said: “We’re getting on with the job of supporting businesses in 2020 and are delighted to be starting the year by announcing this new funding line with Paragon Bank.

“This funding will accelerate the support we’re able to offer to SMEs who are struggling to secure funding from traditional banks.

“Working with Paragon Bank, a specialist in property lending, highlights our strength in this space and is a testament to the strong sourcing, underwriting and execution capability we have at Nucleus.

“We are committed to offering multiple funding options to best suit the needs of SMEs across the UK.”

Adam Daniels, managing director of structured lending at Paragon, said: “We are delighted to be able to provide funding for Nucleus.

“The opportunities that Nucleus provide for UK business owners reflects our passion for driving the growth of UK SMEs and supporting high-quality lending business.”

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