Nucleus Commercial Finance has become the latest fintech lender to be accredited by the British Business Bank for the Coronavirus Business Interruption Loan Scheme (CBILS).
Within a week, Nucleus will start accepting applications from brokers via its myNucleus portal.
Subject to the information received, Nucleus will be able to provide a decision, send legal documents and fund the same day.
The lender will also be taking applications directly from customers.
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 (pictured), CEO of 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 [small to medium enterprises (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.”