Nucleus Commercial Finance has reached £500m (€580m) in lending to UK small and medium enterprises (SMEs) and intends to reach £1bn in the next 12 months.

The alternative finance provider was launched in 2011 and has seen growth across its product range which includes asset finance, construction finance, invoice finance, property finance, and cash flow finance. Nucleus said that lending increased by 100% since April 2016.

Nucleus plans to expand its product offering and will hire three asset-based lending specialists in the next few months.

Chirag Shah, chief executive officer, Nucleus Commercial Finance, said: “We’re attracting a growing number of businesses thanks to our specialist team’s ability to understand customers’ financing needs and provide timely, tailored solutions.”

Shah added with Brexit-related uncertainty, SMEs would need fast lending decisions, and suggested that alternative lending was part of a solution.

Shah said: “The government has a range of initiatives in place to support SMEs and the lending industry has a critical role to play in developing the associated solutions and educating businesses on the options available to them.”