Five Things You Should Know About Business Growth Loans

Finding the right funding product that is truly the best fit for your business can feel like an endless task at times. With so many different solutions, an ever-growing panel of lenders at your disposal and the choice of both secured and unsecured borrowing, it’s difficult to hammer down on just one option.

The ability to borrow far more than you most likely need is a tempting proposition too and most of us have found ourselves resisting the urge to increase funding limits and spend recklessly, just because we can. Whilst in theory having access to more cash seems like a great idea, you run the risk of overestimating how easy it is to pay that figure back. As a result, you could end up struggling financially long term after extravagant (and often unnecessary) expenditures have been made.

Instead, consider being mindful of your cash flow situation and only borrowing what your business needs. Bypass the products that advertise huge funding limits and home in on the funding solutions that provide your business with the exact amount of funds it really needs.

Of course, as a responsible key decision-maker, you will shop around for the best small business funding product and will only apply when you’ve found something that ticks all your boxes. We’re confident our brand-new Business Growth Loans will be a strong contender and here is exactly why…

1. Limits From £3k For Businesses Wanting A Small Cash Boost

As we’ve touched upon above, sometimes businesses don’t want access to large volumes of funds and would instead prefer to borrow a much smaller amount than what is often on offer. Government-backed loans, such as CBILS, is a great choice for businesses wanting to borrow larger sums of money, but for those who don’t want a minimum amount of over £50k, it’s not a suitable choice.

If your business is looking for a loan with much smaller amounts on offer, our Business Growth Loans are perfect. Your business can borrow as little as £3k, all the way up to £50k – so whether you want to purchase stock to get ready for post-lockdown life or offset the additional costs involved with hiring more staff, these loans can enable your business to push forward as restrictions are lifted.

2. Twelve Month Terms With Simple Monthly Repayments

With Nucleus Business Growth Loans, you’re able to borrow money short-term and pay it back within a year! No daunting financial commitments and terms that last for years – instead, sleep easy knowing you can borrow the money to restart your business as we emerge from lockdown and that 12 months from now, the monthly repayments will stop entirely.

3. Rapid Decisions Mean Less Stress

When it comes to providing businesses in need with the funding they require, we don’t mess around! We launched Nucleus a decade ago now with a mission to provide UK SMEs with alternative funding options as the banks were often unwilling to help. We have spent years getting to know the businesses we work with in order to understand more about what they need, and the running theme was clear – lenders are often far too slow to provide a decision and that is especially the case with traditional options.

We put a huge emphasis on developing our technology as we knew this would be the key to providing faster, more accurate decisions. By transitioning to a process that heavily utilises Open Banking and automated decisioning, we’ve been able to speed up our decision-making and reduce the time spent fretting about the outcome of an application. We provide a same day decision when you provide all the required details on application, but often, you’ll have your answer in just minutes!

4. Quarterly Top-Ups To Help Maintain Smooth Cash Flow

We know that many businesses will want to borrow cash short-term only, but we also understand that there will be a number of businesses that will benefit from funding that has the potential to be more of an ongoing form of credit. Once two-thirds of the loan has been paid back, businesses will be able to apply for top-ups every quarter to help maintain healthy cash flow on a more consistent basis.

5. We’re Fast – Same Day Pay-Out

As humans, we are all impatient creatures and when money is involved, especially money that can alleviate financial struggles, the clock is ticking! We aren’t joking when we say we don’t mess around and as a lender, we put our money where our mouth is – quite literally! 100% of applications with all information provided at submission so far have received a decision within 60 seconds and more than 90% of applicants received their funding within 24 hours.

There you have it. Five fantastic reasons to use Business Growth Loans to proper your business to new heights as we finally return to normality. For more SME advice and tips, read our related posts below. If you are experiencing cash flow challenges or want to realise your business growth plans, explore our unsecured loan options and apply today!