Nucleus Commercial Finance has today been accredited by the British Business Bank as a lender under the government-backed Coronavirus Business Interruption Loan Scheme (CBILS).
Nucleus Commercial Finance joins the scheme, which enables the business to provide loans from £50,001 to £5m for SMEs seeking financial support as a result of the COVID-19 pandemic.
Within a week, Nucleus will start accepting applications from brokers via their one-of-a-kind myNucleus portal. Subject to the information received, Nucleus will be able to provide the broker with a decision, send legal documents within minutes and fund the same day. The lender will also be taking applications directly from customers.
With industry leading technology at the heart of their approval process, Nucleus will be able to provide CBILs funding to businesses within 24 hours of application, giving UK SMEs access to quick and flexible finance at a time when they need it most.
Under CBILS, the first 12 months of interest on the facility and any arrangement fees will be paid by the UK government as a Business Interruption Payment.
Chirag Shah, CEO, Nucleus Commercial Finance, said: “It’s essential right now that businesses get the finance they need when they need it most, which is why I’m proud that Nucleus Commercial Finance is supporting SMEs through the Coronavirus Business Interruption Loan Scheme. Over the last 18 months we have invested significantly in technology, including automated underwriting – our industry-leading system will allow us to process CBILS applications and deliver funds to businesses within hours at a time when traditional banks and other alternative lenders are struggling to keep up.”