When the team at Now Business Finance approached Nucleus with one of its client’s funding requirements, they recounted a familiar story. A growing company had been rejected by the bank. Although as CEO Karen Davidson explained, rejected wasn’t exactly what happened:
“The bank offered my client, a successful events company enjoying phenomenal growth, a debenture. This was a ridiculous proposition for a company that had grown from £0 to £2m in less than 18 months and needed a fast flexible way to access funding.”
The company, which specialises in ticketing and club nights, was struggling with cash flow simply because of its rapid growth, and Davidson’s Now Business Finance team was tasked with finding a solution.
Davidson continued: “This is an unfortunate reality for many SMEs - non bank funding is a huge market. The big four regularly claim they’re lending more and approving more loan applications, but in reality the opportunity for lenders who offer the same facilities as a bank, but are much faster and more flexible, are greater than ever.”
Paul Fenton, Nucleus sales director said: “Debentures are simply not appropriate for most SMEs – it’s this type of product that demonstrates just how out of touch high street banks are. Because we have dedicated in house experts who understand SMEs and their requirements, it’s easy for us to quickly assess property loan applications and make secured loan principle offers. We’re always glad to help a growing business and in this case the bespoke structured loan we’ve provided will relieve their growing pains.”
Davidson concluded: “We’ve worked with Paul before and were keen to explore the new range of Nucleus products, which was why we got back in contact. Unfortunately, not every lender really understands how SMEs work and the challenges they face, but Paul and his team were fantastic to work with and we completed a transaction for the client in record time. We are pleased to partner with Nucleus and very excited about their new product range: being able to work so closely with our lender, allows our clients to benefit from seamless funding solutions.”