By Aisling Finn on Tuesday 5 January 2021
The fintech hopes to dish out £200m worth of CBILS loans by the time the scheme closes.
Alternative lender Nucleus Commercial Finance has pledged to lend £200m to SMEs through the government-backed Coronavirus Business Interruption Loan Scheme (CBILS) by the end of March, a target it is well on it's way to meeting before the scheme shutters on 30 March 2021.
Chirag Shah, CEO of Nucleus Commercial Finance, said: “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 million through the scheme, providing SMEs with the crucial funds they need in the ongoing crisis.”
“In 2020 we have seen alternative and fintech lenders move into the mainstream as SMEs are turning to our industry as the first point of call. This is due to our ability to provide SMEs with vital funds quicker than high street banks.”
The government scheme, which is due to close on 30 March 2021, has seen £19.64bn worth of loans dished out to over 82,600 businesses since it first opened in March of last year.
Recent research from Nucleus found that nearly three-fifths of SMEs (57 per cent) had to adapt to survive the pandemic, with over a quarter (27 per cent) saying the new strategy is a success.
UPDATE 05-01-2021 - A previous version of this article included the incorrect rate of approval for a CBILS loan with Nucleus Commercial Finance.