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Nucleus Commercial Finance supports SMEs with auto-underwriting

Nucleus Commercial Finance has pledged to digitise the end-to-end user journey for all finance applications, including loans through the Coronavirus Business Interruption Loan Scheme (CBILS).

Businesses and brokers can now benefit from almost-instant decisions on applications up to £250,000, ensuring small and medium-sized enterprises (SMEs) can secure the funding they need quickly and easily.

Central to the new move is Nucleus’ proprietary automated underwriting capability which is being activated on all applications from direct customers and through its introducer portal – myNucleus.

The system utilises advancements in machine learning to make decisions in under a minute, significantly reducing the time spent reviewing finance applications.

Nucleus has also fully integrated with Open Banking technology to further improve the speed and accuracy of decision-making for businesses. New features include automated ID verification and automated AML/KYC, which reduces the administrative burden on both SMEs and their broker partners.

To date, Nucleus has processed over 5,000 applications via auto-underwriting with instant decisions being provided on over two thirds (68%) of deals.

“In this challenging environment, businesses need access to flexible finance, and they need it fast,” says Chirag Shah, chief executive officer of Nucleus Commercial Finance.

“Over the past 18 months, we’ve invested heavily in technology to deliver the best outcomes for our customers, resulting in a much smoother process for introducers and businesses alike.”

Nucleus has already approved more than £100 million for SMEs since the coronavirus outbreak.

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