Energy firm secures £50,000
Register for free to receive latest news stories direct to your inboxRegister
Nucleus Commercial Finance has provided a £50,000 facility to Wolverhampton-based Energy Angels, enabling the business to continue operating at full capacity during the crisis and provide energy services to social and private landlords.
The energy intermediary helps households and businesses switch providers during void periods and support in negotiations with providers for free periods of energy to those in need.
The business works with local authorities and housing associations to provide energy to the vulnerable and rehomed NHS key workers.
The £50,000 cash flow finance facility from Nucleus Commercial Finance is structured over five years and will be used to clear past loans and remove debentures.
It will give the firm access to a larger cash pot to avoid the furlough of employees and continue their work throughout the pandemic.
Lewis Taylor, founder and managing director, Energy Angels said: “Working with Nucleus Commercial Finance allows us to continue providing our services to those that need it most during these difficult times. The combination of Nucleus’ tech infrastructure, supportive team and the accessibility of information via the online portal led to a quick and accurate approval process, ensuring we got the funding we needed in a timely manner.”
Mark Swindell, business development manager, Nucleus Commercial Finance, said: “We are pleased to support Energy Angels in delivering on its mission to help those in need during the global pandemic. This finance facility benefits from the new five year term on our cash flow offering, which we implemented in response to an increase in demand from small businesses for cash flow finance.”