Nucleus aims for £200m of CBILS lending

Nucleus Commercial Finance is hoping to lend £200m to businesses by the end of the coronavirus business interruption loan scheme (CBILS).

The alternative business lender was accredited for CBILS in July 2020 and said it has approved most of its applications.

Nucleus is accepting applications from introducers via its introducer portal, myNucleus.

Read more: 17 pc of SMEs used a government loan during Covid

Subject to the information received, Nucleus is able to provide introducers with a decision, send legal documents within minutes and fund businesses the same day.

The lender is also taking applications directly from customers across the UK.

Read more: 90pc of SMEs want more government support

“Following the government’s announcement to extend CBILS to the end of March, we have set out ambitious plans to lend a total of £200 through the scheme, providing small- and medium-sized enterprises (SMEs) with the crucial funds they need in the ongoing crisis,” Chirag Shah (pictured), chief executive of Nucleus Commercial Finance, said.

“In 2020 we have seen alternative and fintech lenders move into the mainstream as SMEs are turning to our industry as a first point of call. This is due to our ability to provide SMEs with vital funds quicker than high street banks.”